How Turkey’s ban on bitcoin is hurting the digital currency market?
The rise of Bitcoin in the market seems to be a remarkable thing in the media. Many of the governments all across the world are seen getting worried about its rise. We see many of the governments banning the digital currency and Bitcoin is one of them to be banned at many places. The most recent to join the bandwagon is Turkey. Bitcoin seems to be tumbling more than 40 per cent this Friday once we see the Central Bank from Turkey getting banned for the digital currencies along with any other digital based assets for sale and purchases. They called it irreparable damage along with the transaction risks. In legislation, one can find the official gazette along with the central bank that seemed to have said that the digital currencies along with other digital based assets are seen distributing the ledger technology not to be using it even indirectly for the sale of any product or services claims the official statement.
With this decision, one can find the digital currency market in Turkey gaining good momentum in the recent months as a number of investors are seen joining the global rally over the bitcoin along with seeking to go against the Lira depreciation along with inflation, which seemed to have boosted up the 16 percent previous month. One can see Bitcoin to be low by 4.6 percent that comes to 60.33 USD falling to 1117 GMT with the ban that has been slammed by the main opposition party of Turkey. Even with small size coins like Enthereum, one can find XRP that tend to go on in tandem with the digital currency called Bitcoin as falling between 6 to 12 percent. In the recent statement, one can find Central Bank claiming that crypto based assets were seen neither remaining the subject of any kind of regulation or with any supervision mechanism that seemed to have come like a central regulatory authority as seen with the other security risks.
There are several payment service providers who are seen coming up with the help of developing several business models like digital assets that are seen getting in any way be direct or indirect with the help of payment services provision along with the electronic money issuance that will further going to offer you any kind of services claimed the statement. With the use of digital currencies in the payment may give several non-recoverable losses for a number of parties that are seen getting over the transactions along with including the elements, which may underestimate the confidence in instruments and confidence that are seen getting in the current payment structure claims central bank statement. This week we have seen several top auto companies like Rolls Royace, Locus Cars and Royal Motors that have become the first business in different nations to carry out the payment in different digital currencies.
The digital currencies remain a bit less consumer option when it comes to commerce even while they are seen becoming the key global asset in the mainstream, despite the fact that several companies like Tesla along with the travel portals like Expedia group Inc fail to accept the payments. With difficult regulatory clampdowns over the digital currencies by a number of economies one can find a relatively very rare kind of option in order to clarify a number of rules instead of preventing the consumption. Today, even the traders are seen banning and enforcing the number of digital current markets that are seen getting shrugged over all these moves.
One of the frontline opposition leaders in Turkey called Kemal Kilicharoglu has called this decision to be a case of midnight bullying and called the decision of the president to be a midnight decree just to target the central bank governor. He claimed on Twitter that it is nothing but foolishness being carried out at night. This ban would soon be effective on 30th April. Interestingly, the trading volumes of digital currency in this country seems to have hit 27 billion USD starting from the early Feb to March and since then around 1 Billion USD would be seen for the same time duration this year claims the US based researcher Chainalysis. For more on this issue or any digital currency based issues, you can check – Bitcoin Fast Profit.