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Turkish central bank bans the use of cryptoassets for payments

Source: TCMB

Studies on the regulation regarding the disuse of crypto assets in payments have been completed.

Crypto assets entail significant risks to the relevant parties due to the following reasons:

they are neither subject to any regulation and supervision mechanisms nor a central regulatory authority,
their market values can be excessively volatile,
they may be used in illegal actions due to their anonymous structures,
wallets can be stolen or used unlawfully without the authorization of their holders, and
transactions are irrevocable.

Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments.

Accordingly, pursuant to the authority vested by the Law No:1211 on the Central Bank of the Republic of Turkey (CBRT) and the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, the CBRT has introduced “Regulation on the Disuse of Crypto Assets in Payments”.

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