In response to the increasing adoption of cryptocurrencies, Türkiye has made many regulations in this area.
At this point, while payments with cryptocurrencies were prohibited with the Central Bank Regulation that came into force in 2021, citizens in Türkiye were allowed to buy, hold and sell cryptocurrencies.
While the crypto payment ban was met with backlash at the time, Turkish law firm GlobalB took the current crypto payment ban to court.
GlobalB, which filed a lawsuit against the payment ban, stated that the first hearing of the lawsuit will be held at the Council of State on May 28, 2025.
GlabalB's founding partner, Lawyer Sima Baktaş, stated that the case in question is of critical importance for Türkiye's digital asset economy and that a positive decision could make significant contributions to Türkiye's digital economy and the development of the Blockchain ecosystem.
Baktaş argued that the liberalization of payments with cryptocurrencies would support the development of the financial sector and make payment systems more efficient, making Türkiye a more attractive market for blockchain-focused initiatives.
“Historical Case in Crypto Payments!
We are entering a critical period in the lawsuit we filed for the Central Bank's 2021 regulation that bans payments with crypto assets in Türkiye!
The hearing of the lawsuit we filed as GlobalB will take place on May 28 in Ankara (Council of State).
This case could be a major turning point not just for us, but for the entire ecosystem.
If the court rules in our favor; the way for crypto payments in Türkiye will be opened; the development of innovation and the digital economy will accelerate; new opportunities will arise for entrepreneurs, investors and businesses.
We will be following this critical development closely.”
What Happened?
The Central Bank of the Republic of Turkey (CBRT) banned the direct or indirect use of crypto assets in payments with the “Regulation on the Non-Use of Crypto Assets in Payments” published in the Official Gazette on April 16, 2021.
The second paragraph of Article 3 of the Regulation states that “Crypto assets cannot be used directly or indirectly in payments” and this regulation entered into force on April 30, 2021.
In imposing the crypto payment ban, the CBRT cited concerns such as the lack of regulation and control mechanisms of cryptocurrencies, the lack of a central interlocutor, the excessive volatility in their market values, and the risk of being used in illegal activities due to their anonymous structure.
*This is not investment advice.
