In April 2021, the Central Bank of the Republic of Turkey (CBRT) imposed a sweeping ban on cryptocurrency payments, citing concerns over volatility, security risks, and potential misuse in illicit activities. The regulation explicitly prohibited the use of digital assets in payment services and electronic money issuance, arguing that cryptocurrencies lack regulatory oversight and a central authority.
While the CBRT positioned this move as a necessary step to protect financial stability and consumer interests, critics—including legal experts and industry leaders—argued that the decision stifles innovation and limits financial freedom in an increasingly digital world.
Legal Battle Against the Ban
In response, GlobalB, a prominent Turkish law firm, has announced plans to legally challenge the crypto payment ban. Sima Baktaş, founding partner of GlobalB, emphasized that restricting crypto transactions hinders the growth of a modern financial ecosystem. According to Baktaş, allowing crypto-based payments could foster economic innovation, streamline transactions, and position Turkey as a hub for blockchain adoption.
The legal challenge aims to highlight the long-term economic benefits of crypto payments while questioning the CBRT’s rationale behind the outright prohibition. If successful, this lawsuit could lay the foundation for secondary regulations that balance innovation with compliance, creating a structured framework for crypto transactions in the country.
Turkey’s Evolving Stance on Crypto
Despite the payment ban, Turkey has recently taken notable steps toward crypto regulation. In July 2024, the government introduced a licensing framework for cryptocurrency exchanges, leading platforms like Binance TR, OKX TR, and Bitfinex to apply for official authorization. Meanwhile, Turkish banks such as BankPozitif and Misyon Bank have started offering crypto custody and trading services in partnership with Swiss fintech firm Taurus.
Furthermore, Turkey’s finance ministry recently dismissed rumors of a tax on cryptocurrency gains, signaling a more strategic approach to digital assets rather than outright prohibition.
A Potential Turning Point for Turkey’s Crypto Landscape
With crypto adoption surging across Turkey, a successful legal challenge against the CBRT’s payment ban could be a turning point for the industry. If courts rule in favor of GlobalB’s argument, Turkey may be forced to adopt a more nuanced regulatory framework—one that supports financial innovation while ensuring adequate safeguards.
As the case unfolds, investors, blockchain companies, and policymakers will closely watch the outcome, which could set a precedent for the country’s approach to digital assets in the years to come.
Nikolai Carter
