Turkey bans use of cryptocurrencies for payments

A growing boom in Turkey's crypto market had gained further pace recently, with investors hoping to both gain from bitcoin's rally and shelter against inflation

(Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Turkey's central bank banned the use of cryptocurrencies and crypto assets to purchase goods and services, citing "irrepairable" possible damages and significant risks in such transactions. In legislation published in the Official Gazette overnight, the Central Bank of Turkey (CBRT) said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, as an instrument of payment.