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.
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.
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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”.
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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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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.
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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.
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Turkey bans crypto payments and Bitcoin feels the pain .
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.
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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