Turkey’s central bank is banning the use of cryptocurrencies such as Bitcoin in payments for goods and services, according to a decision published in the country’s Official Gazette.
News of the ban wiped over 4 per cent off the value of Bitcoin in morning trading, falling to around $61,000 (€50,900) from a record high of nearly $64,000 (€53,400).
Other smaller cryptocurrencies like Ethereum and XRP, which are closely tied to the fortunes of Bitcoin, also shed between 6 per cent and 12 per cent in value.
The decision comes as many in Turkey have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency’s slump.
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