Turkey to ban cryptocurrencies for buying goods, services

ANKARA, Turkey (AP) — Turkey’s central bank is banning the use of cryptocurrencies such as bitcoin in payments for goods and services. The decision published in the Official Gazette on Friday comes as many in Turkey have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency’s slump. The bank said transactions carried out through the use of cryptocurrencies presented “irrevocable” risks and were not subjected to regulation or supervision. It also cited their use in “illegal actions due to their anonymous structures,” and their possible use “illegally without the authorization of their holders.” The restriction would come into effect on April 30, the bank said.