Earlier today, we reported that the Turkish central bank banned the use of Cryptocurrency and other associated assets in transactions of any kind, mentioning the pressing risks and “irreparable” damage crypto has done to the country’s economy.
However, that diktat banning cryptocurrency payments has already met with obstacles as the law firm GlobalB intends to challenge the legitimacy of the diktat in court.
GlobalB, an influential Turkish law firm, has risen to challenge the Central bank, and the matter is to be decided in a court case on a yet-to-be-scheduled day.
GlobalB’s founding partner, Sima Baktas, had this to say in response to the edict, “As GlobalB is registered for a crypto money license, and as we have a cryptocurrency payment business model in our future business plan, we are filing a cancellation case against the regulation of the Central Bank that prohibits crypto payments.”
The effects of the ban can already be felt in both Turkey’s financial world and on a larger scale. After the ban was announced, Bitcoin fell 4% in value, and the market values of several other coins fell as well.
Several Turkey-based cryptocurrency companies and financial startups like DigiliraPay, a Turkish crypto money payment initiative, are being pushed to find alternative business models or shut down before the edict goes into full effect on 30th of April.