Decentralization

Artiox, a startup based in ODTÜ Teknokent in Ankara, has been using blockchain technology for art auctions.

So far, paintings worth 4 million Turkish Liras ($467,420) have been sold via the platform, Artiox Co-Founder Tuncay Dakdevir said.

Bitcoin tumbled below the 40,000 USD mark on Wednesday hitting a 3,5 month low and dragging down other digital coins after China imposed new restrictions on transactions involving cryptocurrencies.

The coin is now down 40% from a record high of almost USD 65,000 hit on April 14. It is also heading for its first monthly decline since November 2018.

Turkey has added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, it said in a presidential decree published early May 1.

The move came after a ban on using cryptocurrencies for making payments introduced in response to claims that such transactions are too risky took effect in Turkey on April 30.

While most people only consider Bitcoin as a means to gain a profit, the popular cryptocurrency has much more to offer than just that. One area that Bitcoin has been expanding to lately is the entertainment sphere. From fan-favorite video games to blockbuster movies, there are plenty of ways users can gain access to these mediums by using Bitcoin.

Bitcoin became a widely used cryptocurrency and rose from obscurity since it was launched in 2009. Not only it managed to become a synonym of mainstream crypto adoption, but it is also the main reason why today there are over 4,000 altcoins.

The Turkish central bank (also known as CBRT or TCMB) has issued "Regulation on the Disuse of Crypto Assets in Payments." It was published Friday in the official newspaper of the Turkish government.

The central bank also announced Friday that "studies on the regulation regarding the disuse of crypto assets in payments have been completed."

Photo Illustration: Unsplash/Andre Francois Mckenzie

"Crypto-assets [may not be] used directly or indirectly in the provision of payment services and electronic money issuance," TCMB wrote in new rules published on Friday.

The Turkish Central Bank will ban the use of crypto assets in payments as they entail significant risks for the parties to the transactions.

When amateur investors start trading with cryptocurrencies and making profits turns into a business, tax standards come into effect in this area as well.

Status of Cryptocurrencies in Slovenia

Ljubljana – Lab4Pay, a Slovenian fintech startup, has launched a point-of-sale (POS) terminal that vendors can use for traditional payment methods as well as digital payments such as cryptocurrency.