Turkey Bans Crypto From Being Used in Payments & Transfers
April 16, 2021 @ 1:51 pm By JD Alois
Earlier today, the official newspaper of Turkey published new regulations issued by the Central Bank of Turkey. According to the new rules, crypto-assets may no longer be used as a form of payments or transfers as of April 30, 2021.
Papara – a payments Fintech, the ban on using cryptocurrency was unexpected.
“It is much easier to choose to ban than to make an effort to deal with this financial technology,” he said.
Crypto trading in Turkey has boomed, meanwhile, the Turkish Lira has recently been on the decline.
by Tyler Durden
Friday, Apr 16, 2021 - 07:46 AM
With crypto prices trading at record highs, torrid retail interest in the sector caused Robinhood s crypto-trading platform to crash (though, as Zero Hedge readers probably understand, that s par for the course for Robinhood), the rally came to a screeching halt early Friday as dictatorial banana republic Turkey - of all places - decided to crack down on the use of virtual currencies in desperate hopes of preserving confidence in the Turkish lira, the world s worst performing banana republic currency.
Bitcoin dropped as much as 4.6% on Friday as Turkey banned its use for payment, restrictions that will take effect on April 30.
Turkish central bank bans the use of cryptoassets for payments finextra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finextra.com Daily Mail and Mail on Sunday newspapers.
Unlocking Pakistan’s destiny one SMB at a time Habibullah Khan
As a nation, Pakistan reigns as master of its potential yet buckles in the face of prevailing challenges. The country is confronted by uncertain geo-political realities. It shares borders with nations that are home to the second- and third-largest defence budgets globally, while the world’s lone superpower and biggest military spender retains key interests in the region.
Closer to home, trade imbalances and debt intricacies continue to be a factor in macro-economic conversations. Elsewhere, UN projections regarding Pakistan’s ongoing population explosion makes for grim reading. The world body predicts: by 2025, the country will be home to some 242 million people; by 2030, half of the population will live in cities, representing the largest urbanisation in South Asia that remains mostly unplanned. The UN also warns that by 2050, Pakistan’s population will surpass the 400-million mark.
Introduction
The Payment Services Regulator (PSR) issued its first decision enforcing competition law in the payments sector on 31st March 2021. The PSR is a concurrent competition regulator for the payments sector along with the Competition & Markets Authority (CMA). This is the first time the PSR it has used its competition powers since it became a concurrent competition regulator in 2015.
The PSR provisionally decided that five parties were guilty of taking part in a cartel in relation to pre-paid cards used by local authorities to distribute welfare payments to vulnerable members of society, such as the homeless, victims of domestic violence and asylum seekers contrary to Chapter I of Competition Act 1998. The PSR alleged that Mastercard, allpay, APS, PFS and Sulion all engaged in anti-competitive behaviour by agreeing not to compete or poach each other’s clients.