Turkey’s Central Bank Denies Total Crypto Ban; Regulations Are Coming

A few days ago, we revealed that Turkey allegedly plans to ban the use of Bitcoin and crypto all over the country.

The news was presented by the most important outlets, but it seems that now, things are being revealed by the head of the central bank, and they might not be that bad after all.

CoinDesk notes that while speaking on state-run channel TRT, Governor Şahap Kavacıoğlu said, “You cannot fix anything by banning crypto, and we do not intend to do this.”

The same online publication also reminded its readers that Kavacıoğlu’s comments come less than a week before a planned ban on the use of crypto for payments is due to go into effect.

The announcement of the ban, which came as the use of crypto in the nation, has soared due to the plunging lira, drew protests from the government’s political opponents.

CoinDesk also noted that without giving details about the coming regulations, “Kavacıoğlu indicated the bank would clarify the legal definition of cryptocurrencies and regulate how they should be stored by institutions,” Trade Moneta said.

It’s also important to mention the fact that the central bank chief said the regulations are needed to address the “alarming” number of funds that are leaving the country via crypto, according to the report.

Check out the complete article in order to learn more details about the subject.

Turkey rumours in the crypto space

Not too long ago, we were reporting that Turkey made a move that has a lot of crypto enthusiasts fuming. PlanB noted the following message on Twitter.

Someone commented: “It’s going to crash the citizenship by investment program propping up their useless property market. Dumb and dumber. Shame as Turkey has the best sailing in the world.”

Now, investors are hoping for the best.

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