{"id":22367,"date":"2021-04-16T16:18:29","date_gmt":"2021-04-16T15:18:29","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=22367"},"modified":"2021-04-16T16:18:29","modified_gmt":"2021-04-16T15:18:29","slug":"turkey-bans-payment-with-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/16\/turkey-bans-payment-with-cryptocurrencies\/","title":{"rendered":"Turkey bans payment with cryptocurrencies"},"content":{"rendered":"<p>Turkey\u2019s central bank on Friday prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks.<\/p>\n<p>The ban would be effective as of April 30, the central bank said in legislation published in the Official Gazette.<\/p>\n<p>The new regulation prohibits transfer of <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/20\/cryptocurrency-ban-nigerians-are-free-to-use-bitcoin-says-cbn-declares\/\" target=\"_blank\" rel=\"noopener\">cryptocurrencies<\/a> for purchases or services.<\/p>\n<p>The central bank said the ban was needed because of \u201csignificant risks\u201d associated with cryptocurrencies.<\/p>\n<p>These risks include a lack of regulation and supervision, \u201cnon-recoverable\u201d losses for the parties to the transactions and possible use for illegal purposes, the bank said.<\/p>\n<p>The payment ban comes at a time when lira remains weak and inflation stubbornly high in Turkey.<\/p>\n<p>Cryptocurrency fans consider digital tender such as bitcoin or ether as a hedge against currency weakness and devaluation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turkey\u2019s central bank on Friday prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks. The ban would be effective as of April 30, the central bank said in legislation published in the Official Gazette. The new regulation prohibits transfer of cryptocurrencies for purchases or services. The central bank said the ban [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[40],"tags":[5779,770,5780,3122],"class_list":["post-22367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","tag-central-bank","tag-cryptocurrencies","tag-transaction-risks","tag-turkey"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Turkey bans payment with cryptocurrencies<\/title>\n<meta name=\"description\" content=\"Turkey\u2019s central bank on Friday prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/16\/turkey-bans-payment-with-cryptocurrencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkey bans payment with cryptocurrencies\" \/>\n<meta property=\"og:description\" content=\"Turkey\u2019s central bank on Friday prohibited the use of cryptocurrencies such as bitcoin for purchases, citing transaction risks. The ban would be effective\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/16\/turkey-bans-payment-with-cryptocurrencies\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-16T15:18:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/04\/adejayan_gbenga\/2021\/04\/16\/images-15-2021-04-16T161707.333.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adejayan Gbenga Gsong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@withinnigeria\" \/>\n<meta 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