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Turkish Lira Drops, Gov’t Banned Cryptocurrencies

The Central Bank of Turkey banned the used of Cryptocurrencies as transaction payments for any goods effective April 30, 2021. The government alarmed the drop of it’s currency Turkish Lira because many are doing their transactions online using Bitcoins and other Cryptocurrencies.


The government moves is to curved the use of Crypto and urged the stop of electronic fund transactions on different platforms this to stop the further affects on their Lira.


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In March, the Treasury and Finance Ministry said it shared the “global concern” about the development of cryptocurrencies. The ministry signaled it was working on regulations in cooperation with the central bank, the banking regulator and Turkey’s capital markets board.


The Bitcoin priced has surged 111% this year to trade above $60,000,  it’s one of the highest so far, while Ethereum, the second-largest cryptocurrency, has jumped to 225%, these are indication that Cryptocurrency is gaining more and attracted more investors than before, this alarms the government because it can affect much on their economy.


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Trading volume in cryptocurrencies almost tripled to $2.8 billion between March 20-24, from about $1 billion in the same period last year, the newspaper reported, citing Chainanalysis data.


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