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Turkey Bans Cryptocurrency Use for Payments as Local Currency Plunges – Regulation Bitcoin News

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Kevin Helms

The Central bank of the Republic of Turkey has issued a cryptocurrency regulation prohibiting the use of cryptocurrencies for payments of goods and services. From the end of this month, crypto assets cannot be used directly or indirectly as a means of payment in the country and no service can be provided for this purpose.

Turkish Central Bank Prohibits Crypto Use for Payments of Goods and Services

The Turkish central bank (also known as CBRT or TCMB) has issued “Regulation on the Disuse of Crypto Assets in Payments.” It was published Friday in the official newspaper of the Turkish government.

The central bank also announced Friday that “studies on the regulation regarding the disuse of crypto assets in payments have been completed.” The TCMB wrote:

Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions.

The bank described that “Crypto assets entail significant risks to the relevant parties,” citing factors such as excessive volatility, lack of regulation, and irrevocable transactions. The TCMB further warned that crypto assets “may be used in illegal actions due to their anonymous structures” and “wallets can be stolen or used unlawfully without the authorization of their holders.”

In addition, the central bank claims that there are also “elements that may undermine the confidence in methods and instruments used currently in payments.”

The official notice states that the purpose of this regulation is to prohibit the use of crypto assets in payments, directly or indirectly, within “the provision of payment services and electronic money issuance.” The notice details:

Crypto assets cannot be used directly or indirectly for payments … No service can be provided for direct or indirect use of crypto assets in payments.

The notice further warns that “Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.” They also “cannot provide any services related to such business models.”

Furthermore, the central bank’s notice explains that “Payment and electronic money institutions cannot mediate on platforms offering trading, custody, transfer or issuance services regarding crypto assets or fund transfers from these platforms.”

This crypto regulation will enter into force on April 30, 2021, the notice concludes, adding that it is enforced by the governor of the Central Bank of the Republic of Turkey.

The Turkish lira has lost significant value in the last 12 months. It plunged about 16% in one day on March 2 after former central bank governor Naci Agbal was fired and replaced by Sahap Kavcioglu, the fourth central banker chief in two years.

The local currency’s dramatic slump helps fuel interest in cryptocurrency in Turkey. Cryptocurrency trading volumes between the beginning of February and March 24 hit 218 billion lira ($26 billion) with a spike on the weekend of Agbal’s departure, Reuters reported, citing data from U.S. blockchain data analytics firm Chainalysis. The trading volumes in the same period last year totaled only a little more than 7 billion lira.

What do you think about Turkey banning crypto for payments? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Moneygram Lets Customers Buy and Sell Bitcoin With Cash at 12,000 Locations – Featured Bitcoin News

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Kevin Helms

Moneygram will start letting customers buy and sell bitcoin at 12,000 locations, thanks to a partnership with Coinme. The collaboration “will bring bitcoin to thousands of new point-of-sale locations in the U.S. with plans to expand to select international markets in the second half of 2021,” the companies say.

Bitcoin at Moneygram Locations

Moneygram International Inc. and Coinme, a licensed crypto-to-cash exchange in the U.S., announced Wednesday the “launch of a new partnership to enable the cash funding and payout of digital currency purchases and sales.”

A global leader in cross-border P2P payments and money transfers, Moneygram serves nearly 150 million people across the globe over the last five years. Coinme is a crypto exchange and ATM operator that currently powers over 20,000 physical locations to buy and sell bitcoin using cash through partnerships with Coinstar and Moneygram.

The collaboration “will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021,” the companies detailed. The new service will create “global cash on and off-ramps” to “ensure access to bitcoin.”

According to the announcement:

The Moneygram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash.

Initially, the service will be available at select Moneygram locations in the U.S. in the coming weeks. However, the companies plan to add more countries and cryptocurrencies shortly thereafter. According to Coinme’s website, the service is “available at 12,000 Moneygram locations.”

Bitcoin buying and selling are available at 12,000 Moneygram locations. Source: Coinme

The companies noted that the new service “is specially designed for customers who may be interested in utilizing bitcoin for the first time.”

Alex Holmes, Moneygram’s CEO, opined:

This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.

What do you think about Moneygram’s new bitcoin service? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Urban Tea Now Accepts Cryptocurrencies Including Dogecoin – News Bitcoin News

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Lubomir Tassev

A specialty tea products retailer based in China’s Hunan province, Urban Tea, has introduced crypto payments in its stores and restaurants on two continents. Starting from this week, customers will be able to buy its beverages and meals using various cryptocurrencies.

Chinese Tea Stores and Restaurants to Accept Crypto

The publicly traded tea company runs a number of tea stores in China through its subsidiary, 39 Pu Tea Co Ltd. It also operates a chain of restaurants in the U.S. under another entity, Guokui Management Inc. A press release details that both of them will accept cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE). Commenting on the announcement, CEO Xianlong Wu stated:

Through the deployment of cryptocurrency payment, Urban Tea plans to bring cryptocurrency application scenarios into the customers’ daily life.

Incorporated in the British Virgin Islands, Urban Tea’s main business is centered on the distribution and retail of specialty tea products. In Hunan, it offers a variety of tea and coffee drinks, light meals, and an assortment of pastries prepared using natural products. The Nasdaq-listed (MYT) company has established its own R&D unit in order to develop seasonal menus and provide fresh meals.

Urban Tea Expands Into Blockchain Technology and Cryptocurrency Mining

The Chinese company, however, is not limiting its options to only offering healthy foods and beverages for diet-conscious consumers. Urban Tea has decided to explore new opportunities in the crypto space by launching blockchain technology research and cryptocurrency mining.

In February, the tea retailer hired Fengdan Zhou, a blockchain data specialist, as the company’s new chief operating officer. It announced that Zhou will take responsibility for the implementation of its crypto business plan.

Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

A new subsidiary based in People’s Republic will be tasked with designing blockchain-based software and applications as well as developing the company’s mining operations. “We anticipate our crypto mining plan to be gradually implemented and we are hopeful for the promising prospect of this new opportunity for the company,” emphasized Xianlong Wu.

Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

Urban Tea, which is now entering the world of decentralized money, launched its specialty tea business back in 2018. Its home country, China, is the world’s largest producer of tea with over 2.4 million metric tons per year, according to data compiled by U.K. tea and coffee supplier Farrer’s. The tea is grown mainly in three Chinese provinces – Yunnan, Guangdong, and Zhejiang, and the PRC accounts for around 40% of the global production.

Do you know of other specialty product chains that accept cryptocurrency payments? Let us know in the comments section below.

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Bitcoin, blockchain technology, China, chinese, Crypto, crypto mining, crypto payments, Cryptocurrencies, Cryptocurrency, dogecoin, Ethereum, Retailer, specialty products, Tea, Urban Tea

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Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories – Bitcoin News

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Sergio Goschenko

Yesterday, Mark Zuckerberg, founder and CEO of Facebook, revealed he’d named one of his goats “Bitcoin”. This was seemingly an innocent announcement that, nonetheless, got the crypto sphere talking on what deeper meaning this might indicate. While some have rationalized this as being an endorsement of Bitcoin by Facebook, others have suggested weirder theories.

Bitcoin: Mark Zuckerberg’s Goat

Zuckerberg revealed yesterday on Facebook that one of his goats is named “Bitcoin”. This post, which would usually read as humorous, got the cryptocurrency sphere to formulate strange theories. While some users laughed and spread their memes accordingly, some thought there could be greater intention behind the post.

Mark Zuckerberg's Goat,

Some users took this as a hint that Facebook had or will follow the footsteps of companies like Tesla and Microstrategy, by buying Bitcoin as a hedge and adding it to its cash reserves. There were rumors about this last month, but Facebook squashed them during their last earnings call, denying having bought bitcoin or other cryptocurrencies.

According to a tale from Jack Dorsey, Zuckerberg’s goats have not just been pets, but food. He described how Zuckerberg would personally kill them, immobilizing the animal with a stun gun and then using a knife. Lots of users recalled this macabre incident, jokingly stated Zuckerberg could kill Bitcoin anytime if he really wanted to.


Facebook’s Unhappy Crypto Journey

Jokes aside, Facebook inroads into cryptocurrency have not been particularly successful. In effort to create its own cryptocurrency, first called Libra and later rebranded to Diem, the company has met opposition from the global regulatory community. They claim a unique Facebook crypto would give the social media giant too much power.

Launched with the support of large backers, Libra’s proposal lost steam. It was abandoned by some of its most significant supporters, such as Visa, MasterCard, and eBay, then changing its proposal to become a basket of stablecoins. This was to appease the worries of domestic and international lawmakers.

Zuckerberg was even summoned to the Congress to explain the ins and outs of its proposal. He received a severe reaction from lawmakers, like House Financial Service Committee Chairwoman Maxine Waters. She criticized Facebook for its inability to resolve existing issues, and asked them to stop with development until some kind of regulatory framework existed to cover the scope of Libra.

What do you think about Bitcoin, Mark Zuckerberg’s pet goat? Tell us in the comments section below.

Tags in this story
Bitcoin, Blockchain, Cryptocurrency, Diem, goat, Jack Dorsey, Libra, Mark Zuckerberg, Maxine Waters, microstrategy, Tesla

Image Credits: Shutterstock, Pixabay, Wiki Commons





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