TL;DR Breakdown
- The Turkish government does not believe in cryptocurrencies.
- India tries to regulate Bitcoin with a law project.
Bitcoin last price put the Turkish government on alert, which wants to ban crypto payments. This news affected the value of Bitcoin again, although not on a large scale. The cryptocurrency remains around $60000, so its price drop is not that significant.
The CBRT stands firm whereby the cryptocurrency does not have a mechanism overseen by a centralized authority. Exchange systems, such as Bitfinex, for Bitcoin and other cryptocurrencies have had a strong wave of transactions because of this news. Bitfinex, like other exchange websites, will give a revised value as part of the Middle East measure.
It’s no secret that cryptocurrencies work in a volatile, decentralized market. The Central bank of the Republic of Turkey said trading in crypto is very volatile, and electronic wallets are not secure. All the digital business can be used for illicit purposes, being the biggest fear for CBRT.
From the beginning, Bitcoin has been singled out as a means for illegal transactions to create a corrupt market. But the increase in its value, aside from public acceptance, has changed people’s orientation about cryptocurrency. Many prominent financial institutions and investors have turned to Bitcoin, to avoid money devaluation.
What will happen to Bitcoin in Turkey?
The measure that CBRT has taken is counterproductive because it would affect many companies in the world. Entrepreneurs like Elon Musk, Tesla’s SEO, would be affected by this decision because they’ve gone deeper into crypto.
Musk is known for his trading methods towards Bitcoin and other very popular cryptocurrencies. Musk’s investment in BTC exceeds $1.5 billion, pushing the market up for the time being. This billionaire keeps his promises with BTC by legalizing it for trading with Tesla products and services.
Likewise, Musk has provided a payment service in cryptocurrencies, especially in Bitcoin, through PayPal. But Warren Buffet, a traditional investor, wants to dismiss crypto as a trading system. But all these caps that seek to stop cryptocurrencies do not stand a chance. Bitcoin payments have become more common than ever.
The news about PayPal and cryptocurrency payments is not all about this new decentralized trend. New companies have latched onto financial technology by offering payment systems in cryptocurrencies, such as Bitcoin and Ethereum. Fintech became one of the best markets in technology because of its exponential growth; everyone wants to invest.
Although every movement with Bitcoin and cryptocurrencies is exciting, the Turkish government does not back down its decisions. India was the first country to regulate cryptocurrencies with a legal scheme approved. These Indian measures can force investors to pay penalties for using cryptocurrencies.
Cryptocurrency buffs measure India as “hypocritical” because they want to create a new coin. Although crypto regularizations exist in Turkey and India, it probably won’t affect cryptos because the market is huge. Blockchains are wide enough to avoid these blocks, which will keep the market going.
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