The use of crypto assets in payments creates grievances T.C.M.B.
The use of crypto assets in payments creates grievances T.C.M.B.
16/04/2021
The use of crypto assets in payments is likely to cause irreparable grievances - TCMB
- After the regulation published in the Official Gazette this morning that crypto assets cannot be used directly or indirectly in payments, the Central Bank (TCMB) announced that the use of crypto assets in payments is likely to create "irreparable grievances".
In the regulation on the non-use of crypto assets in payments published in today's issue of the Official Gazette, it was stated that as of April 30, crypto assets cannot be used directly or indirectly in payments and services cannot be provided.
In a written statement made after the publication of the regulation, the TCMB stated that the regulation work on the use of crypto assets in payments has been completed, stating that "Crypto assets are not subject to any regulation and control mechanism, there is no central interlocutor, their market values are excessively volatile, they can be used in illegal activities due to their anonymous structure, wallets are not subject to any regulation and control mechanism. It has significant risks for the parties concerned, such as being stolen or used illegally without the knowledge of the owners, and the irreversible nature of the transactions.
The statement continued:
"Recently, it has been observed that various attempts have begun to emerge regarding the use of these assets in the field of payments. The use of these assets in payments is likely to cause irreparable grievances for the parties of the transaction due to the above-mentioned reasons, and it contains elements that may create a lack of confidence in the methods and tools currently used in this field. being evaluated."
In this context, the TCMB stated that the "Regulation on the Non-Use of Crypto Assets in Payments" was put into effect in this context.
According to its regulation, crypto assets cannot be used directly or indirectly in payments and services cannot be provided.
Payment service providers will not be able to develop business models in which crypto assets will be used directly or indirectly in the provision of payment services and issuing electronic money, or provide any services related to such business models.
Payment and electronic money institutions will not be able to act as an intermediary for platforms that offer trading, custody, transfer or issuance services for crypto assets, or for fund transfers to be made from these platforms. The regulation will enter into force on April 30.
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