The Central bank of Turkey has clearly mentioned that they do not have a personal reason behind imposing the ban on cryptocurrencies.
If you have a regular presence in the world of crypto, then you would surely have heard about the ban imposed by Turkey on bitcoins and other cryptocurrencies. Yes, it happened in mid-April 2021 when this shocking announcement hit the market. The Central bank of Turley stated that investors of bitcoins would no longer be able to make a payment using bitcoins or any other crypto if they want to avail any product or service. Yes, it is absolutely an actual thing and had led to disappointment among the vast number of investors present in Turkey. They had invested most of their hard-earned value in the bitcoins, and what will they do after this immediate ban.
Everything was going normal when this incident occurs. It has also affected the crypto market because many of the investors offloaded their cryptocurrencies at Bitcoin Mining to minimize the burden from their heads.
The central bank officially revealed this statement in the Official Gazette, where it was mentioned that all the cryptocurrencies and digital-based assets based on blockchain technology could no longer be used directly and indirectly to make transactions. This is mainly because these assets are related to any kind of organization, and the risk subjected to them is very high and unexpected.
So, it is better to stay away from such currencies, which can lead to a limitless loss for the audience. After this announcement, no payment advisors are permissioned to develop any of the business models linked to the use of any kind of digital currency like bitcoins. The losses that can occur by the use of cryptocurrencies can directly impact the reputation of the other payment modes that are regulated under the highly developed regulatory framework.
The Central bank of Turkey has clearly mentioned that they do not have a personal reason behind imposing the ban on cryptocurrencies. It is only because they want to reduce the limit of losses that are caused due to cryptocurrencies because they are non-recoverable. It would be better for the welfare of the users if they will step back from the use of bitcoins on their own. Money is really a very valuable and hard-earned asset that is precious for everyone.
Have a glance at the situation of cryptocurrency in India
The ban that occurred in turkey has raised the question and sense of fear among the crypto investors of India. In India, more than 7 million people have invested in bitcoins, and most of them are involved in trading bitcoins. They are also worried about what will be done if the Indian government will also take any action to impose the ban on digital currencies. This is only because of some of the actions taken by the central bank of India in the past times. It seems like the Indian government has critical thinking about the use of cryptocurrencies like bitcoins and other digital currencies. They have been thinking of developing the regulations for cryptocurrencies for a long time, but no action has been taken yet. The investors from India are just waiting for the day when a clear decision will be taken so that they can take the moves accordingly.
What was the status of cryptocurrencies in Turkey before the ban?
The Investors of Turkey had shown a great internet in the digital currencies, and mainly Bitcoins was adopted by them. Anyone who had invested in the cryptocurrencies had the main weightage on bitcoins in their portfolio. By noticing this obsession of the public, the Royal motor’s from Turkey, which is an authorized seller of Rolls-Royce and Lotus car, announced the acceptance of bitcoin as a mode of payment from its potential customers. This has also admired the other sellers such as Apple, who have also started accepting the payments using the bitcoins.
This action resulted in a boost in the use of cryptocurrencies until the movement of the ban was announced by the government. Actually, it has reduced the legitimacy of these bitcoins, which is not a good thing for any of the digital currencies. One thing is confirmed that till now, there are no chances of any kind of ban on cryptocurrencies by the government of India.
