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  • 16 April

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Fri, Apr 16, 2021 1:38 PM by Coinfomania

Turkey Bans Crypto Payments, Cites “Irreparable” Damage and Transaction Risks

The Central bank of the Republic of Turkey has banned citizens from using cryptocurrencies as a medium of exchange and payments. The new law will take effect starting April 30, 2021, the country’s official Gazette reported Friday. The central bank claimed that the reason for the ban was due to “irreparable” damage and significant transaction risks associated with cryptocurrencies. The bank noted that crypto wallets are vulnerable to theft and crypto transactions are irrevocable, hence crypto assets are a poor medium of exchange.  The ban comes after Turkish authorities demanded user information from crypto trading platforms last week. The central bank

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