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Turkey Bans Cryptocurrency Payments, Says Risks Are Too Big

  • Central bank says tokens can cause ‘non-recoverable’ losses
  • Complaints related to cryptocurrencies have soared among Turks
A crypto currency exchange shop near the Grand Bazaar in Istanbul. 

A crypto currency exchange shop near the Grand Bazaar in Istanbul. 

Photographer: Ozan Kose/AFP/Getty Images

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The Turkish central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses.

The curbs also prohibit companies that handle payments and electronic fund transfers from processing transactions involving cryptocurrency platforms, according to a decree published in the official government gazette on Friday.