Turkey bans use of cryptocurrencies for payments
1–10 of 302 posts
Re: Turkey bans use of cryptocurrencies for payments
#2For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value.
Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other.
The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look even bleaker.
Because of this, the population has been rushing in putting their money in other currency/assets (like euro, gold, dollar, ...), which is making the situation worse, so the government has been actively trying to force people to keep their money in lira and even buy more lira if they can.
So whatever they say about it, it is just another move in this direction. They want to prevent people from buying cryptocurrency and further risking depreciating the lira.
Re: Turkey bans use of cryptocurrencies for payments
#3>In a statement explaining the reason behind the ban, the bank said these assets were "neither subject to any regulation and supervision mechanisms nor a central regulatory authority," among other security risks.
That's exactly what they made for, duh
Re: Turkey bans use of cryptocurrencies for payments
#4I remember reading on HN someone saying that China had banned trading and mining of crypto.
Is that true?
With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
Re: Turkey bans use of cryptocurrencies for payments
#5I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
Considering lots of miners are from China, no what you've read is not completely true. What's true is that Chinese users have no easy/legal way to convert between crypto and fiat (other than mining, that is).
Re: Turkey bans use of cryptocurrencies for payments
#6Just use it as a value store, lest they start telling people what to spend money on like expensive paintings, jewellery, artefacts or NFTs...
Re: Turkey bans use of cryptocurrencies for payments
#7For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
Basically one of the exact reasons why Crypto should exist.
Re: Turkey bans use of cryptocurrencies for payments
#8I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
Considering lots of miners are from China, no what you've read is not completely true. What's true is that Chinese users have no easy/legal way to convert between crypto and fiat (other than mining, that is).
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Re: Turkey bans use of cryptocurrencies for payments
#9I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
Ah yes, China banning Bitcoin. This rumor has been circulating since 2013.
Re: Turkey bans use of cryptocurrencies for payments
#10For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
The first thing would be to ban free exchange of foreign currencies. But that would be hard to do in the tourist country.