Turkey bans crypto purchases

avatar

image.png

Hi,

another totalitarian government that works against its own people banned the use of crypto for trading. Crypto can't be used for purchasing of goods and services. The holding has not been outlawed, but the new law renders the crypto to be useless.

Turkey is a country that is affected by a strong recession, as the government is not helping the economy and is falling more and more in extremism. Their fiat currency, the Turkish Lira is in free fall for the past years and people are using crypto to save some value against the rampant inflation.

Now this means of saving, was destroyed by an incapable government that can't see or doesn't want to see the opportunities it brings, even saving the crushed economy. Yes, the government will lose power, but it will save the economy and people will be content.

What this government is doing, is fear politics, where people that openly speak against them, get a direct to jail card.

We will probably see more bans like this, especially in countries where the government is working against their people and only for themselves. Why we don't read about banning cryptos in Norway or Switzerland? We mostly hear of Morocco, Turkey, Nigeria and India in stories regarding the crypto ban. Here, I might be wrong, but the better development a country has, the more open it is towards crypto, even of thinking as official adopting it as official mean of tender. As I gave only Europeans countries, I shall mention also Singapore or the Emirate States, which adopt a very open thinking.

What shall we do, when a ban is coming? The first thing, don't panic sell. Keep a clear had, don't sell and install a good VPN to be able to use the crypto stake what do you have.

Don't fear the government as the government needs to fear you!

How do you see it? Shall governments respect and fear us, and be focused to work for us?

Posted Using LeoFinance Beta



0
0
0.000
9 comments
avatar

They say that crypto affects their local currency
But I don't think with their decision that people will stop crypto
They will resort to a VPN and many methods

Posted Using LeoFinance Beta

0
0
0.000
avatar

We should start adopting Crypto as Currency regardless, at least online.

As long as we keep using FIAT, bans like this will threaten the space.

Once we refuse to even use FIAT for most of our transactions. Fiat will dissappear due to becoming irrelevant.

We run a small online-shop selling natural perfumes we create ourselves and also feature our Art and have revamped the whole site, to only accept Crypto for payment.

Plus relating to your post, if I was a Turkish citizen I would simply open up a foreign bank account or something like that and use that to trade my crypto into foreign currency and then eventually use the foreign currency to convert into Turkish Lira if faced with such restrictions myself. And if you have no need to turn your crypto into fiat, then hodl them and grow them over VPN while restrictions or bans last, and the more online merchants that accept crypto globally, the harder it will be to enforce and regulate those bans.

https://www.catharsiopa.eu/bazaar-and-market

0
0
0.000
avatar

We should start adopting Crypto as Currency regardless, at least online.

As long as we keep using FIAT, bans like this will threaten the space.

Once we refuse to even use FIAT for most of our transactions. Fiat will dissappear due to becoming irrelevant.

We run a small online-shop selling natural perfumes we create ourselves and also feature our Art and have revamped the whole site, to only accept Crypto for payment.

Plus relating to your post, if I was a Turkish citizen I would simply open up a foreign bank account or something like that and use that to trade my crypto into foreign currency and then eventually use the foreign currency to convert into Turkish Lira if faced with such restrictions myself. And if you have no need to turn your crypto into fiat, then hodl them and grow them over VPN while restrictions or bans last, and the more online merchants that accept crypto globally, the harder it will be to enforce and regulate those bans.

https://www.catharsiopa.eu/bazaar-and-market

0
0
0.000
avatar

Congratulations @alexvan! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 29000 HP as payout for your posts and comments.
Your next payout target is 30000 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Tour Update - Governance
Support the HiveBuzz project. Vote for our proposal!
0
0
0.000
avatar

What I don't understand is what is Erdogan trying to accomplish by this move? Yes, he wants to control things, but I believe that will only take their national currency in a more downward spiral. Who would want to keep something rapidly devaluing? At least crypto was a refuge and it had nothing to do with his change of sides. It's neutral.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Well, do we understand Erdogan at all? He is having some weird moves in the past 10 years.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I am sure more governments would like to make similar moves, but for the time being their monetary supply is still mostly in their control and economies are doing ok, no need to panic.

Just like in 1934 the US Govt tried to make it illegal to hold GOLD because it threatened their ability to control the money - they may make similar moves if the economy starts to crumble - only this time, they can't take it.

Governments are always in the business of increasing its size, power, and control. Any step backward is viewed as a threat, but with crypto - they are facing a tech revolution they are not able to fight. Their only move will be to regulate it more, with the fiat to crypto on roads being the target for individuals. Of course the big money players on wall street will be able to do what they want.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Even if it is to sound weird, the big players with their new interest in crypto might be the key here, as with them, crypto can't be blocked or ignored any more.

Posted Using LeoFinance Beta

0
0
0.000
avatar

You bring up a nasty issue. You need to build up a network of relationships among local businesses you rely on for trade or find others who will accept or spend using cryptocurrencies.


Posted via proofofbrain.io

0
0
0.000