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❕NEWS Turkish Lira falls after Bitcoin payment ban

Josemendez

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Şahap Kavcıoğlu , Turkey's central bank newly appointed governor, has given instructions that Bitcoin is no longer eligible as payment method for commercial purposes.

Recall that Lira has earlier been struggling on it's value ,but was rescue by Bitcoin adoption.

When the newly appointed governor of Turkey's bank made this statement , there was a huge fall in the price of Turkish Lira.

What do you think a out this ?
 
The government have always try to create issues. They should know that people would demand more dollar to buy crypto in black market and this would affect the country currency , i think if they dont do something fast the currency might still fall more
 
Şahap Kavcıoğlu , Turkey's central bank newly appointed governor, has given instructions that Bitcoin is no longer eligible as payment method for commercial purposes.

Recall that Lira has earlier been struggling on it's value ,but was rescue by Bitcoin adoption.

When the newly appointed governor of Turkey's bank made this statement , there was a huge fall in the price of Turkish Lira.

What do you think a out this ?
I think the Govt. should reconsider the statement. Turkey is the largest crypto-based Muslim country, and now Turkish people are showing more interest in Bitcoin. The Govt. should reconsider and find an alternative way to legalize the open use of bitcoin.
 
I think the Govt. should reconsider the statement. Turkey is the largest crypto-based Muslim country, and now Turkish people are showing more interest in Bitcoin. The Govt. should reconsider and find an alternative way to legalize the open use of bitcoin.
I believe that they are losing from taxation and some other way . This is what prompted them into making this statement of potential ban on cryptocurrency
 
I believe that they are losing from taxation and some other way . This is what prompted them into making this statement of potential ban on cryptocurrency
True people are no longer storing their aaset in crypto currency ,and those little charges by the banks which gives the country revenue is what they are fighting for. But the government should get revenue from crypto ,just like the way us government are doing it
 
True people are no longer storing their aaset in crypto currency ,and those little charges by the banks which gives the country revenue is what they are fighting for. But the government should get revenue from crypto ,just like the way us government are doing it
This will be the case when they have researched on bitcoin and understand how they can benefit from it within traders in their country
 
I think one the reasons why the governor made such announcement is to protect Lira, but forgotten that those that do business are human and can be easily carried away by sentiment. He should be concern on how to integrate bitcoin into the system in order to make revenue.
 
This will be the case when they have researched on bitcoin and understand how they can benefit from it within traders in their country
They should do because they could even get exchange platform under their license and still generate revenue by taxing them, they should resolve the issue
 
The ban caused the fall and many had to buy crypto currency with another currency to save their wealth there, just if the ban is been taken with more serious action
The ban is basically against payment of commercial products with cryptocurrency . This is because it will affect their Fiat currency as more people will save money in Crypto Instead of Fiat
 
The ban is basically against payment of commercial products with cryptocurrency . This is because it will affect their Fiat currency as more people will save money in Crypto Instead of Fiat
If there Currency lira has fallen it means more people withdrew their money and kept them in Exchange platforms with the fear that lira will crash
 
If there Currency lira has fallen it means more people withdrew their money and kept them in Exchange platforms with the fear that lira will crash
Actually , the banned making payments with cryptocurrency locally . This to me is because , they feel that such action will cause Lira to fall more .
 
Actually , the banned making payments with cryptocurrency locally . This to me is because , they feel that such action will cause Lira to fall more .
From all indications the ban has made the fall more so I think they should reverse their decision , most of these ban should have been regulations.
 
From all indications the ban has made the fall more so I think they should reverse their decision , most of these ban should have been regulations.
Well , I think the issue here is this ; majority of cryptocurrency users swap all their Fiat currency into cryptocurrency , they now buy foods and other things with cryptocurrency , the country's fist currency suffers from this
 
Well , I think the issue here is this ; majority of cryptocurrency users swap all their Fiat currency into cryptocurrency , they now buy foods and other things with cryptocurrency , the country's fist currency suffers from this
If this is true now that it is has been ban it is expected that the lira value will be high because of the increase in it trading volume but it is decreasing.
 
If this is true now that it is has been ban it is expected that the lira value will be high because of the increase in it trading volume but it is decreasing.
Well this is what it should be but unfortunately , the Lira value is decreasing more and more and this is something we have to take careful measures.
 
I am sensing the fact that there is still low trade volume of lira, still what I said initially , many moved their funds to cryptocurrencies for savings.
 
When it comes to economy or financial decisions government through it financial institution or regulatory body need to be careful with their decision.
 
The banned or unacceptable of a Bitcoin for commercial payment in many countries is because that government doesn't have power to control crypto or have access to the individuals crypto account. And they know that cryptocorrency would affect the country money.
 
The banned or unacceptable of a Bitcoin for commercial payment in many countries is because that government doesn't have power to control crypto or have access to the individuals crypto account. And they know that cryptocorrency would affect the country money.
Yeah that's true or one is really controlling it but the buying and selling pressure at the major reasons that determines the price of this cryptocurrencies so the government cannot control it or they can regulate it why they also generate their revenue.
 

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