Central Bank of Turkey Denies Rumors of a Total Ban on Cryptocurrencies

Turkey’s central bank has denied rumors of a complete ban on the cryptocurrency market, adding that it intends to clarify the regulation in the coming weeks.

April 25, 2021 | AtoZ MarketsTurkey’s Finance Ministry is working on wider regulations regarding cryptocurrencies, Central Bank Governor Sahap Kavcioglu said on Friday, adding the bank does not intend to ban them.

Turkey does not intend to completely ban cryptocurrencies

In an interview with Turkish broadcasters, Kavcioglu revealed that the regulator does not intend to completely ban the circulation of cryptocurrencies in Turkey. Instead, the Central Bank plans to clarify the issues of market regulation. Details are expected to appear within two weeks.

Recall that in mid-April, the Central Bank of Turkey introduced restrictions on the circulation of cryptocurrencies. So, starting from April 30, the use of cryptocurrencies for payments for goods and services will be prohibited. According to the position of the regulator, cryptocurrencies based on distributed ledger technology cannot be used as a payment instrument in Turkey.

Meanwhile, a loud scandal erupted in Turkey around one of the crypto exchanges. As AtoZ Markets reported, the Turkish cryptocurrency exchange THODEX was suspected of an exit scam.

On the exchange’s Twitter page, it is reported that the marketplace has stopped all operations due to the received “partnership proposal”. However, users of the exchange were left without access to their assets. Moreover, according to the users of the trading platform, they were denied access to their accounts without any prior notice.

A little later, Turkish police detained more than 60 people in the case of a possible THODEX exit scam. Istanbul law enforcement officials said THODEX founder and CEO Faruk Fatih Ozer flew to Tirana, the capital of Albania, on Tuesday. However, where the Ozer is now remains unknown.

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