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Turkey’s Central Bank Head Denies Total Crypto Ban, Confirms Regulations Are Coming

Governor Şahap Kavacıoğlu, the head of Turkey’s central bank, denies that a total ban of crypto is coming – instead, he claims that extended regulations will arrive in about two weeks.

Kavacıoğlu declared: “You cannot fix anything by banning crypto and we do not intend to do this.”

These comments are made about a week before a planned ban on the use of crypto for payments is set to take place. The idea of the ban came as a result of the fact that the use of crypto in Turkey has increased due to a plunging lira. Naturally, the announcement wasn’t met with open arms by the crypto sphere.

Kavacıoğlu didn’t offer any details regarding the regulations that will come, but he pointed out that their goal is to clarify the legal definition of crypto and regulate how institutions can store them.

The head of the central bank has commented that these regulations are needed in order to tackle the “alarming” amount of funds that are leaving the country through crypto.

The news that Turkey may ban crypto has led to a decrease in the price of Bitcoin, out of fear that other countries may replicate the decision.

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