Central Bank of Turkey: We Do Not Plan to Ban Cryptos
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April 26, 2021

Şahap Kavacıoğlu, the governor of the Central Bank of Turkey, has said the institution does not intend to impose a total ban on cryptocurrencies in the country, Trade Moneta reports.

According to him, the regulator plans to introduce within two weeks a set of rules aimed at regulating cryptocurrencies, but a total ban on this type of assets is not on the table.

In remarks to the state-run channel TRT, Şahap Kavacıoğlu said:

"You cannot fix anything by banning crypto and we do not intend to do this."

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It must be noted that the statements of the country's central bank governor come just a week before the ban on using cryptos for payments comes into force in Turkey.

In addition, it has recently been known that Thodex and Vebitcoin, two crypto exchanges operating in the country, have ceased operations without prior notice, resulting in their users losing access to their funds.

Regarding these new regulations, even though Kavacıoğlu has not been too specific, he did say they will clarify the legal definition of cryptos and regulate how institutions should store them.

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