![pexels-ashish-sharma-917595.jpg](https://files.peakd.com/file/peakd-hive/young-boss-karin/23tbpZuHidqDiNut3NohRwGwfgVCuanoSdTXXh7Kk4wW9x9M251se2DSiVvA65JJCuaqr.jpg)



The cryptocurrency market is quite volatile and private. 

The Turkish Lira recently has had a tough time keeping its head above water.

With the struggles being faced by their currency, the Turkish government has to put the blame somewhere. 

Their recent ban on the use of cryptocurrency for payment and other fiat to crypto payments had to be their obvious response.

It should be understood that this ban comes after months of economic uncertainties which lead the majority of their citizen to swap their Lira for bitcoin.

![pexels-david-mcbee-730564.jpg](https://files.peakd.com/file/peakd-hive/young-boss-karin/EogNkFLg7pK2WYZQAp2pDmLeSLmtuTHfFsuWZyLLFAcSR7KNfmUjcW6MUtpMF5yhWt4.jpg)

Turkish Central bank laid down the same complaints countries like Nigeria made right before their ban.

> Cryptocurrencies are excessively volatile and can be used for illegal activities. They are also unregulated and without supervision from a regulatory body.

# The Government's Problem
These complaints come as a result of the government's inability to mind their business. 

Where there's economic instability and citizen resort to legal means of wealth generation without government support and possible government intervention, it suddenly becomes a threat to their forcefully inflicted poverty.

The recent ban on cryptocurrencies in Turkey comes after Bitcoin, Ether and Doge hit their all-time high. The effect of this ban was immediate. Bitcoin, being the highest traded cryptocurrency in Turkey fell abruptly. 

While Ozgur Guneri, CEO of BtcTurk, believes this policy might not hold water for too long, as he says that most cryptocurrency owners in Turkey see it as a medium to store value rather than make payments, it makes me wonder the long term impact this ban will have on the crypto trading atmosphere in Turkey.

While this ban only limits payment companies from receiving cryptocurrency, it permits cryptocurrency exchange through banks. 

In turn, the government is putting in extra effort to monitor the flow of cryptocurrencies. This limits the daily use of cryptocurrencies.

# The Limit to Their Madness
While the government believes they have a hang on the movement of cryptocurrencies, they merely have a glimpse.

Cryptocurrencies can be exchanged from one individual to another without the involvement of a central bank. 

Chris Bendiksen, head of research at Coinshares, said:

> It’s like banning file-sharing or banning certain words. It’s just not possible. You can say it—it doesn’t do anything. This is going to be an expensive exercise of trying to enforce something this is unenforceable.

While this new regulation emerges after the abrupt change of the governor of the central bank, we look forward to seeing how much satisfaction this little ploy gives the Turkish government.

Some reports claim there is a complete ban on the use and trade of cryptocurrency in the country, I'm yet to ascertain the truth of it.

For now, all payments with Cryptocurrency in Turkey are scheduled to come to an end on the 30th of April, 20201.

[image source](pexels.com)
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