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Friday, March 31, 2023

Bitcoin Decline as Turkey Put Ban on Cryptocurrency Payments

Bitcoin has seen a huge decline in its price after Turkey has disclosed that it has decided to put a ban on cryptocurrency payments. Turkey directed the Turkish to stop the use of cryptocurrency and crypto holdings to buy goods and services.

The central bank of the country has made an announcement that the users are not allowed to use cryptocurrencies and other such electronic assets based on dispersed ledger technology either direct or indirect, as a method of payment. The move is deemed as irreparable damage. Recently, the crypto market in Turkey has seen a huge surge after investors have joined the world in cryptocurrency adoption.

Bitcoin was plunged nearly 3% at $61,490 as compared to the dollar at 0754 GMT after the Turkish blockade, which was condemned by the main rival party. Central Bank in its statement revealed that crypto assets were “neither dependent on any control and oversight procedures nor a central regulatory agency,” among other security hazards.

The bank stated that the Payment service suppliers will not be able to build business models in a way that crypto assets are used both directly and indirectly in the delivery of fee services and e-money for distributing,” and will not offer any services.

Recently, Royal Motors, which disseminate Rolls-Royce and Lotus cars in Turkey, was the first in the state to disclosed it would take payments in cryptocurrencies. Internationally, giants like, Expedia , Amazon, and Apple also acknowledge such payments.

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