Bitcoin price drops after news spread of Turkey ban on cryptocurrency payments
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Answer Bitcoin price drops after news spread of Turkey ban on cryptocurrency payments
Bitcoin rose in the past hours to new highs, and it was swinging between $62,500 and $63,200, but it is currently falling to the level of $61,600.
The decline is largely due to the Turkish Central Bank’s ban on bitcoin and other cryptocurrencies that were used as a form of payment for goods and services in Turkey.
notice The ban was published early in the day by the Central Bank of Turkey.
Bitcoin fell 2% to nearly $61,600 shortly after the announcement.
The ban’s announcement stated that Bitcoin could cause potentially irreparable damage.
The Central Bank of Turkey also noted that transactions involving cryptocurrencies are characterized by high risks.
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The new legislation will take effect on April 30th.
Cryptocurrencies have been in the midst of a boom in Turkey, as inflation has weakened the value of the Turkish lira.
The Turkish lira reached near historic lows last month, coinciding with a significant rise in Google searches in Turkey for bitcoin.
Turkey accounts for a large percentage of cryptocurrency use in the Middle East.
Turkey ranks 29th out of 154 countries in the global cryptocurrency adoption index and first in the Middle East, according to Chainalysis.
In Turkey-based cryptocurrency exchange BTCTurk, the most common trading transaction is lira versus bitcoin.
The Chinalysis report noted:
The Turkish lira has been very volatile in recent years, leading some to convert part of their savings into cryptocurrency.
The report also showed that pre-existing adoption of fintech and mobile payment platforms was higher in Turkey than elsewhere in the region, and that if a sound regulatory framework is in place, it will likely lead to more cryptocurrency adoption.
A nation of 82 million people sees its currency collapse by 15% in a single day.
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It is no coincidence that Turkey has some of the highest per capita Bitcoin usage rates in the world.
An increasing number of Turks are peacefully choosing a different monetary system that their oppressors cannot control.
– Alex Gladstein March 21, 2021
The Turkish authorities surprised the crypto community with a tougher stance towards the cryptocurrency industry, unlike other countries in the region, such as the United Arab Emirates.
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last March, Tell One insider of the Turkish cryptocurrency industry said concerns about capital controls may eventually lead ordinary citizens to seek alternatives that do not include regular bank accounts.
Like India and many other countries that have tried to ban cryptocurrencies before, Turkey may want to reconsider its crackdown to some extent.
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