Kadir Oner, a kebab chef, had hoped to boost his new business by accepting payment in cryptocurrency, but the ban imposed by Turkish authorities forces him next month to revert to traditional payment methods.
Interest in cryptocurrencies has boomed in Turkey, as inflation and the devaluation of the lira made it an attractive alternative investment.
Oner says customers used it to pay between 5 and 10 percent of their bills.
Oner explained that the world is adapting to the digital age and we have to engage with it, adding that electronic payments are easier than banking, and they would have represented an increasing segment of kebab sales if they were allowed to continue.
But Turkey’s central bank sees risks in the new practice, and on April 16 banned the use of cryptocurrencies and crypto assets for purchases from April 30, citing irreparable damages and transaction risks.
Last week, Turkish authorities also launched investigations into possible fraud in two cryptocurrency exchanges, and the central bank governor said: The Finance Ministry is working on broader regulations regarding cryptocurrencies.
Cryptocurrencies are still underutilized in global trade, although they are becoming an increasingly mainstream asset, and there are companies, including Tesla, that accept such payments.
And he said Founder Location Kripto Teknik News: Commercial activities in Turkey, such as hairdressers and small grocery stores, began accepting payments out of convenience because they also had cryptocurrencies.
He added: If the sector is well regulated, there is a possibility of more cryptocurrency transactions, but the central bank has taken the easiest option of closing it entirely.
The ban became a serious problem for the fintech companies operating in this field and they began to go to court regarding this ban.
Trading volumes on Turkish cryptocurrency exchanges doubled over the weekend after the central bank banned payments for cryptocurrencies compared to the previous weekend.
Cryptocurrency trading volumes often rise during periods of volatility, as short-term traders seek to profit from price fluctuations.
Many market players say this is a major pull factor for emerging assets.
It was also forced to suspend a new initiative for e-commerce sites offering payments for cryptocurrencies.
“We sell gold and real estate and we were preparing to launch a new service, but the project has now been postponed due to the new regulation,” Chakan said.
He added: I hope that this ban will be temporary until the necessary regulations are in place, adding that sales of gold against cryptocurrencies were common.
Kebab chef Oner says he hopes the ban will be temporary, and indicated that he is sure to get back customers he lost due to this ban when The necessary legal regulations are in place.