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Turkey bans the use of cryptocurrencies for payments

A growing boom in Turkey's crypto market had gained further pace recently, with investors hoping to both gains from bitcoin's rally and shelter against inflation. But Turkey's central bank banned the use of cryptocurrencies and crypto-assets to purchase goods and services, citing "irreparable" possible damages and significant risks in such transactions.

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.