TURKEY BANS BITCOIN ET AL

On the heels of the Thodex saga, Turkey has moved to declare bitcoin etc as ilegal. All cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, according to a presidential decree.

The Official Gazette said on Saturday the country’s latest expansion of rules governing cryptocurrency transactions would take immediate effect and cover “crypto asset service providers”, which would be liable to the existing regulations.

The government has been closely monitoring cryptocurrencies for some time, alleging that extremists might use them to fund illegal activities or facilitate money laundering.

“Their use in payments may cause irreparable damages for the parties to the transactions, and include elements that may undermine the confidence in methods and instruments used currently in payments,” the Turkey’s central bank said. Many younger people are unemployed and they turned to bitcoin etc to hedge against inflation which is running at 16% at present. Unemployment is a whopping 13.4%.

ON THE RUN

So far the Interpol red notice warrant against Faruk Fatih Özer has not resulted in an arrest. Özer reportedly escaped to Albania but law enforcement were not able to detain him.

It is likely he has fled to another nation such as Kyrgyzstan, Uzbekistan or Tajikistan where he may be able to buy safety. A border dispute between Kyrgyzstan and Tajikistan has resulted in a lot of property damage. Earlier a border dispute between Armenia and Azerbaijan was settled by Russian intervention.

Turkish media suggested he may be in the balkans. This part of the world is politically unstable and while peaceful at present it can degenerate quickly.