Central Bank of Turkey crypto restrictions: What's banned and what's next

When the Central Bank of Turkey, the national monetary authority that controls interest rates, currency supply, and financial regulations in Turkey. Also known as TCMB, it banned the use of cryptocurrencies for payments in 2021, it didn’t shut down crypto trading—it just cut off the plumbing. People could still buy and hold Bitcoin, Ethereum, and other coins, but they couldn’t use them to pay for coffee, rent, or phones at stores. This wasn’t a full crypto ban. It was a targeted move to stop banks and payment providers from processing crypto transactions. The goal? To protect the Turkish lira from sudden outflows and keep capital inside the country. And it worked—for a while.

But the real story isn’t just about bans. It’s about what happened next. As crypto payments got blocked, Turks turned to peer-to-peer exchanges, local traders, and even cash deals in parking lots to buy Bitcoin. The Turkish crypto market, one of the largest in the world by trading volume, despite regulatory pressure. Also known as crypto adoption in Turkey, it kept growing. By 2023, over 20% of Turkish adults owned crypto, according to local surveys. Why? Inflation hit 85% in 2022. People weren’t investing for fun—they were trying to save their savings. The central bank digital currency, a digital form of the Turkish lira being explored by the Central Bank as a replacement for cash. Also known as CBDC Turkey, it is still in testing, but many Turks see it as just another controlled version of money—not a solution.

What’s allowed? Holding crypto. Trading on foreign exchanges like Binance or Kraken. Using crypto as a store of value. What’s blocked? Any service that lets you pay with crypto directly. Banks can’t offer crypto-to-lira conversion. Payment apps like Papara or CepBank can’t link to wallets. Even QR codes for crypto payments got shut down. But loopholes? Plenty. People use gift cards, peer-to-peer platforms, and even Telegram groups to move value. The crypto banking Turkey, the unofficial network of financial services that help Turks access crypto without going through traditional banks. Also known as crypto on-ramps Turkey, it is alive and well, even if it’s not on paper.

And now, the Central Bank of Turkey is quietly shifting focus. Instead of fighting crypto, it’s trying to control it. The new game is regulation—not prohibition. They’re watching how other countries handle stablecoins, digital wallets, and cross-border transfers. They’re testing how to tax crypto gains. And they’re watching how Iranians and Venezuelans use crypto to survive sanctions. Turkey’s path isn’t unique—it’s a preview of what other high-inflation economies might do next. The real question isn’t whether crypto will survive here. It’s whether the Central Bank will admit it’s already won.

Below, you’ll find real case studies, exchange reviews, and scam alerts from Turkey’s crypto underground. No fluff. No theory. Just what people are actually doing—and what’s still dangerous.