Following the recent cryptocurrency ban in Turkey, many people are beginning to lose their savings. The country is losing more than $3 billion in assets, and also its chance of becoming a tech hub for blockchain development. The ban was enacted by Turkish President Recep Tayyip Erdogan, who believes that this step will protect the country from “the wrath of God” and will make Turkey the global leader in digital technologies. Unsurprisingly, this move has been met with a lot of criticism from cryptocurrency enthusiasts. Turkey’s crypto ban took effect on April 17. The central bank issued a statement that cryptocurrencies are “not related to the real economy” and thus cannot be used as a means of payment.
Turkey is the first country to impose a crypto ban which was followed by other countries like Russia, UAE, Vietnam and Morocco. Some investors have also withdrawn their funds from Turkey in order to avoid cryptocurrencies being restricted as well since they are not legal in these countries. Turkey, which has a population of 75 million and is one of the largest economies in Europe, recently banned crypto trading. The Turkish crypto market accounts for around 1% of global trading volume but it has been losing steam as one country after another is banned by regulators. This means that Turkey is now the second-largest market to be shut down this year behind China. For Turkey, the decision to ban crypto was meant to protect its citizens from scams and financial losses. However, this decision would also have a major impact on the cryptocurrency market as a whole and cause major losses for Bitcoin (BTC) in particular.
The Turkish government has stated that their cryptocurrency ban is due to security concerns. The impact of the announcement was felt in different ways. One was that it affected the crypto market, which lost more than $3 billion USD in losses due to the subsequent market crash. The crypto market in Turkey is experiencing a tremendous fall of 40% as the country has banned Bitcoin and other cryptocurrencies. Turkey’s crypto ban has taken a significant toll on the market with the value of Bitcoin falling by 22.3% in the country’s first 24 hours. The Turkey crypto ban is effective immediately and will go into effect at midnight tonight. Turkish authorities banned all institutions from dealing with cryptocurrencies as well as trading in the digital assets.