Friday, April 16, 2021

Turkey bans crypto payments

Turkey Bans Crypto Payments

Note that Turkey's government did not ban cryptocurrencies entirely. Turks can still own and buy a cryptocurrency as an investment or inflation hedge. But Turkey's government wants to keep a monopoly for its lira as the means of payment (or means of exchange). "Readers should note that Turkey’s latest ban does not stop Turkish citizens from trading cryptocurrencies. They can still buy bitcoin as a hedge against inflation."

"Citizens of countries facing high inflation and fiat currency crises, such as Turkey, have turned to bitcoin in the past few years, raising hopes of widespread adoption across the globe. Turkey’s inflation topped 16% last week, and its currency, the lira, has depreciated by 10% this year, having dropped by 24% in 2020.

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