Turkey bans Bitcoin and other crypto coins for payments, will India follow?

Turkey’s central bank has banned the use of cryptocurrencies including Bitcoin to purchase goods and services. Can we expect something similar in India in future?

Turkey’s central bank has banned the use of cryptocurrencies and crypto assets including Bitcoin to purchase goods and services, citing possible "irreparable" damage and significant transaction risks. The bank published a legislation in the Official Gazette on Friday, saying that cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, as an instrument of payment. In a statement, the central bank said crypto assets were "neither subject to any regulation and supervision mechanisms nor a central regulatory authority," among other security risks. "Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance," and will not provide any services, it said.