The Turkish government has ruled out a general ban on cryptocurrencies, but instead, it’s working on regulations to govern the digital assets sector.
In an interview with Turkish media, Central Bank Governor Sahap Kavcioglu clarified that the recent ban on crypto payments is not part of a plan to outlaw digital assets.
According to Kavcioglu, more details about the new regulatory outlook will come out in two weeks. From April 30, 2021, the state has outlawed the use of crypto assets in payments stating the option poses a significant risk due to market volatility.
The central bank legislation notes that cryptocurrencies are not for direct or indirect utilization as an instrument of payment.