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Turkey wages war on cryptocurrencies and investors lose a fortune Fortune 4/30/2021 © Isa Terli Anadolu Agency via Getty Images Turkey faces a crisis not unique in emerging economies: soaring inflation, plunging demand for its debt, and a bruising unemployment rate. Add to that a pliant central bank governor beholden to autocrat President Recip Tayyip Erdoğan who is not above installing his son-in-law as finance minister and you get all the conditions for rampant cryptocurrency speculation. That speculation came to an abrupt end two weeks ago when Turkey revealed plans to ban these software-based digital tokens as a form of payment on April 30 in an attempt to combat a flight from the tanking Turkish lira.

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