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ANKARA, April 16 (Reuters) - Bitcoin tumbled more than 4% on Friday after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible “irreparable”.
Turkish cryptocurrency exchange Vebitcoin said it had ceased all activities after facing financial strain. Days earlier, another firm, Thodex, went offline with its CEO reportedly leaving the.
Turkey’s Erdogan Meets El Salvador’s Bitcoin-Boosting Leader .
Bitcoin fell more than four percent on Friday after Turkey’s central bank banned the use of cryptocurrencies to pay for goods and services. Turkey's central bank banned the use of cryptocurrencies.
Turkish bitcoin exchange Vebitcoin collapses amid crypto .
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In Turkey, on the other hand, cryptocurrencies are increasingly popular, particularly Bitcoin and Tether. The government is not countering their spread but banning their use as a means of payment. The result is that Turks are converting the lira with Bitcoin to hope for a profit or with Tether to avoid volatility.
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Turkey bans crypto payments and Bitcoin feels the pain .
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The Turkish currency is prey to volatility Bitcoin trading in Turkey, a law on the way The high number of transactions has not gone unnoticed by local authorities, and it seems that soon Turkey will have its own regulation for cryptocurrencies. That was confirmed by President Erdogan himself, as reported by several local newspapers.
Bitcoin tumbles after Turkey bans crypto payments citing .
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That’s likely just as well, because bitcoin isn’t a meaningful solution for Turkey’s monetary woes. The reasons for this are complex and highlight the rising need to understand bitcoin not just on.
ISTANBUL—Turkish President Recep Tayyip Erdogan met Thursday with the leader of El Salvador, the first country to make bitcoin legal tender, while the Turkish central bank kept interest rates on.
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Bitcoin and cryptocurrency trading in Turkey has been growing in popularity over the last few years. There are a number of reasons for this, chiefly the availability of good local exchange offerings and the rampant inflation of the Turkish Lira that makes it unsuitable for long-term investment.
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