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Turkey bans cryptocurrency payments

The Turkish Central Bank said cryptocurrencies like Bitcoin are too risky and forbade their use in the country.

OZAN KOSE/AFP via Getty Images
People stand in front of a "Bitcoin Change" shop near the Grand Bazaar on Sept. 24, 2020, in Istanbul. — OZAN KOSE/AFP via Getty Images

The Turkish government banned the use of cryptocurrencies today.

Cryptocurrency refers to digital currency that can be used to buy goods and services online. The value of cryptocurrencies fluctuates, and some investors speculate on them similarly to the stock market. Bitcoin is the most well-known example.

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