Turkey to ban cryptocurrencies for buying goods, services

<p>ANKARA, Turkey &mdash; Turkey’s central bank is banning the use of cryptocurrencies such as bitcoin in payments for goods and services, according to a decision published in the country’s Official Gazette on Friday.</p>
<p>The decision comes as many in Turkey have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency’s slump.</p>
<p>In a statement explaining its reasons, the bank said transactions carried out through the use of cryptocurrencies presented “irrevocable" risks.</p>
<p>Crypto assets are “neither subject to any regulation and supervision mechanisms nor a central regulatory authority. Their market values can be excessively volatile,” the bank stated.</p>
<p>It also cited their use in ”illegal actions due to their anonymous structures,” and their possible use “illegally without the authorization of their holders.”</p>
<p>The restriction would come into effect on April 30, the bank said.</p>