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Turkey central bank chief denies plan to ban cryptocurrencies

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It’s all about regulation.

At least, that’s the tone of the chairman of Turkey’s Central Bank, after clarifying and eventually denying plans to ban cryptocurrencies.

According to a report from Trade Moneta, Central Bank of Turkey Chairman Şahap Kavacıoğlu said, “you cannot fix anything by banning crypto and we do not intend to do this.” Instead, the official said that within two weeks, a wide range of cryptocurrency regulations would be announced.

The statement was made less than a week before the proposed ban on the use of crypto payments takes effect on the country this coming April 30.

First break in a nightmare April

For the crypto industry and its investors in Turkey, this might be the first break for a month fraught with nightmarish events.

After news of the banning of cryptocurrency payments in Turkey hit the headlines, a series of unfortunate events unfolded for this budding industry that is only making its way to mainstream adoption.

Thodex, one of the leading Turkish crypto exchanges, stopped its operations a few days ago and its Chief Executive Officer went missing, only to be found in Albania, claiming to be there dealing with some foreign investors. Nonetheless, more than 390,000 users of Thodex were locked out of their funds. They’ve been scammed, they said.

As if that wasn’t enough of a beating, Vebitcoin, the fourth largest crypto exchange in the country, also halted its operations and four, including its head, were detained. All accounts were closed and an investigation has been launched.

What regulations?

There are no details yet regarding the wide range of regulations that the central bank is planning to carry out.

The only information it could offer is that it will clarify the legal definition of cryptocurrencies and regulate how they should be stored by institutions and investors.

Moreover, Kavacıoğlu said the regulations should be put in place to address the “alarming” amount of funds that are being taken away from Turkey’s financial market as a result of the rising shift to cryptocurrencies. This is in hopes of protecting their economy.

 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/turkey-central-bank-chief-denies-plan-to-ban-cryptocurrencies/

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