Buying something with Bitcoin (BTC) in Turkey will soon be illegal, and the topic of crypto payments has become a political debate since the Central Bank of the Republic of Turkey’s April 16 announcement that it will forbid the use of cryptocurrency as a payment method. The regulation, which will go into effect on April 30, also bans the use of digital wallet providers as fiat on-ramps for crypto exchanges. Cointelegraph Turkey reached out to local blockchain and crypto industry participants for commentary. Ahmet Usta, chief editor of Blockchain Turkey Platform and co-author of Blockchain 101, described Turkey’s first crypto …

Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking down on Bitcoin (BTC) and cryptocurrencies. Indeed, rumors of the Treasury bringing money laundering charges against some financial institutions using cryptocurrencies began circulating on social media over the weekend. The report emerged during a period of massive selloffs in the crypto space, with the market capitalization dropping over $240 million as Bitcoin slid to $52,000. In an interview with CNBC, Smith debunked the reports, stating that it was the Department of Justice’s remit to charge companies with …

Shortly after a Friday morning “diktat” from Turkey’s freshly-appointed central bank governor that effectively banned any and all use of cryptocurrency in the country, Bitcoin (BTC) now appears caught in a partisan dustup as a Turkish opposition party leader has voiced support for the digital currency. As reported by Cointelegraph, Turkey’s central bank announced on Friday that starting April 30, any cryptocurrency payments and fiat-to-crypto onramp transactions will be rendered illegal. Additionally, “Any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be prohibited. In a response to the drastic announcement, Turkish opposition party …

A new ban in Turkey will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges. According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal. The bank stated that “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden. While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges …

Cryptocurrency derivatives exchange Bybit has appointed a new general counsel to lead the firm in its global compliance matters, and to oversee its legal team. Daniel Lim, formerly head of legal and compliance for the Singapore-based investment bank, Daiwa Capital Markets, was announced in the new role on March 9. Lim joins Bybit shortly after the exchange was forced to close down operations in the United Kingdom, following the FCA’s blanket ban on retail crypto derivatives trading. Co-founder and CEO of Bybit, Ben Zhou, said Lim was appointed to bolster the firm’s “compliance posture,” in what he sees as a …

Godwin Emefiele, governor of the Central Bank of Nigeria, has defended the apex bank’s decision to ban banks from servicing cryptocurrency exchanges in the country. Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, Emefiele remarked that the CBN ban was in the best interest of Nigerians. According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked: “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking …

Indian authorities continue to express support for a government-backed digital currency to replace privately-issued cryptocurrencies. According to Bloomberg, RBI governor Shaktikanta Das has expressed the central bank’s determination to create a digital rupee. According to Das, India’s central bank is “very much in the game” and wants to emulate China’s digital currency electronic project, the digital yuan. The RBI chief also revealed that the digital rupee project is a major focus for the central bank. While there has been no official release date for the proposed CBDC, Das said that the RBI is currently finetuning the technological and procedural protocols …

In what seems to be another anti-crypto move by regulators in India, initial public offering promoters may soon be forced to sell their crypto holdings before being allowed to participate in raising funds. According to a report by the Economic Times, the Securities Board of India may disqualify IPO promoters from raising funds if they hold cryptocurrencies. This move is reportedly an extension of SEBI’s instructions to securities lawyers, merchant banks and other stakeholders in the IPO ecosystem regarding cryptocurrencies. According to a securities lawyer quoted by the Economic Times, “There could be a direction from the government in this …

Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country. According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptocurrencies in Nigeria. For Timi Agama — the commission’s registration, exchanges, market infrastructure and innovation head — regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market. Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in …

The Central Bank of Nigeria has banned banks from servicing crypto exchanges in the country in a move that echoes actions taken by its Indian counterpart back in 2018. Reactions to the news among the political class have been divided among ethnic and geopolitical lines, with the more progressive elements calling for a nuanced approach by the apex bank. In November 2020, Nigeria’s gross domestic product declined for a second successive quarter, plunging the nation’s economy into another recession — the second in the space of five years. According to the Nigerian Bureau of Statistics, 26 out of the 36 …

The Nigerian Securities and Exchange Commission has put its plans for regulating cryptocurrencies on hold following the recent ban by the central bank prohibiting financial institutions from servicing crypto exchanges. In an emailed statement quoted by the Daily Post on Friday, the SEC stated: “For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.” As previously reported by Cointelegraph, the commission recognized digital assets …

As previously reported by Cointelegraph, the Central Bank of Nigeria issued a circular banning banks from servicing crypto exchanges. Reacting to the news during the Thursday plenary session, Senator Sani Musa of the Niger East Senatorial District remarked: “Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless." - Senator Sani Musa — The Nigerian Senate (@NGRSenate) February 11, 2021 For Senator Musa, Bitcoin (BTC) and not mounting foreign …