CBRT Decided To Stop Payments With Cryptocurrencies

CBRT decided to stop payments with cryptocurrencies. The bank has published a regulation on the subject.

The Regulation of the Central Bank of the Republic of Turkey (CBRT) on Not Using Crypto Assets in Payments was published in the Official Gazette. With the said regulation, not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, payment and electronic money institutions to platforms that offer trading, custody, transfer or issuance services for crypto assets or fund transfers from these platforms. It was stated that it was aimed to determine the procedures and principles regarding non-mediation. Crypto asset in the implementation of the regulation; means intangible assets that are created virtually using distributed ledger technology or a similar technology and distributed over digital networks, but are not qualified as fiat money, cash, electronic money, payment instrument, securities or other capital market instrument.

The Regulation will enter into force on April 30

According to the published regulation, crypto assets cannot be used directly or indirectly in payments. No service will be provided for direct or indirect use of crypto assets in payments. Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and will not be able to provide any services related to such business models. Payment and electronic money institutions will not be able to intermediate the platforms that offer trading, custody, transfer or issuance services for crypto assets or fund transfers from these platforms. The regulation will enter into force on April 30, 2021.