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Turkey's central bank has banned its citizens from using crypto assets to buy goods and services

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These assets are not subject to any regulatory regime, nor are they subject to the supervision of a central regulator

Turkey's Central Bank (CBRT) announced on April 16 that it will ban citizens from using crypto assets to purchase goods and services from April 30, citing "irreversible damage and significant risks associated with such transactions," according to the news agency Blockbeats.

Turkey's central bank said in legislation published in the Government Gazette that cryptocurrencies and other such digital assets cannot be used as payment instruments, either directly or indirectly. The bank said payment providers could not provide services for direct or indirect payments for crypto assets or any services related to such a business model.

Turkey's crypto market has boomed in recent days as investors look to profit from the rise in bitcoin while avoiding inflationary pressure from the Turkish lira. The bank explained the ban because "these assets are not subject to any regulatory regime, nor are they subject to the supervision of a central regulator".