Warning from BRSA to banks about cryptocurrencies

It has been reported that the Banking Legislation and Supervision Company (BDDK), the Banks Association of Turkey and the Participation Banks Association of Turkey sent a caution approximately cryptocurrencies purchased with loans. within the letter, he requested the BRSA to turn most sensitivity to forestall the use of the resources bought in phrases of all loans, including the overdraft account, to be prolonged to all person and company mortgage shoppers, in transactions geared toward crypto assets or in transactions aimed toward issuing cash out of the registered banking/capital marketplace machine.

From the BRSA in the previous letter sent to the banks, the same sensitivity was carried out to foreign exchange and gold transactions, time deposits, repo, shares, etc. It used to be asked for investments aimed toward offering financial returns. With the closing put up, crypto asset transactions were additionally incorporated in the transactions that needed to be taken care of.

BRSA, as an institution, has been carefully monitoring cryptocurrencies for lots of years. BRSA Vp Muhammet Mustafa Cerit, in a statement he made in July, said, “This crypto asset dialogue, which started with Bitcoin in our u . s ., first entered the schedule of our institution in 2013. At that point, Bitcoin used to be at the vanguard. this is an issue that our group has followed carefully due to the fact that 2013, but with the technology in the back of it.” stated.