Turkish authorities ban crypto assets

Gulf Today Report 

Turkey’s central bank has banned the use of crypto assets for payment, it announced on Friday.

This is due to entailed significant risks due to volatile market values, irrevocable transactions and are used in illegal actions.

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In a statement, the central bank said, “It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments.”

The ban on crypto assets and currencies in Turkey comes a week after Turkish authorities demanded user information from trading platforms.