Skip to main content

Turkey bans cryptocurrency payments

The Turkish Central Bank said cryptocurrencies like Bitcoin are too risky and forbade their use in the country.
OZAN KOSE/AFP via Getty Images

The Turkish government banned the use of cryptocurrencies today.

Cryptocurrency refers to digital currency that can be used to buy goods and services online. The value of cryptocurrencies fluctuates, and some investors speculate on them similarly to the stock market. Bitcoin is the most well-known example.

Turkey’s Central Bank said that “crypto assets” pose several risks to those who deal in them. They include a lack of regulation, markets that can be “excessively volatile,” potential use in illegal activities and lack of recourse. The Central Bank issued a “Regulation on the Disuse of Crypto Assets in Payments” in response.

The order means such currencies cannot be used directly or indirectly to pay for goods and services in Turkey. Bitcoin fell 4% today with the news. Turkey’s Bitcoin market has grown in recent months during the worldwide Bitcoin rally, according to Reuters.

Investors in other parts of the Middle East have also shown interest in cryptocurrencies. Many Egyptians have purchased cryptocurrencies as the country's economy struggles. Last month, the Egyptian Central Bank likewise cautioned people from dealing in the currencies.

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial