Kiffmeister’s #Fintech Daily Digest (04/16/2021)

Turkey’s central bank bans the use of cryptocurrencies for payments

Türkiye Cumhuriyet Merkez Bankasi has banned the direct and indirect use of crypto-assets for payments. According to its statement “payment service providers cannot 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 cannot provide any services related to such business models.” The regulation comes into force on April 30. Turkey ranks 29th out of the 154 countries on the Chainalysis’ Global Crypto Adoption Index, and number one in the Middle East.  

 ‘Unprecedented Demand’ Downs Robinhood Crypto Trading

Beginning overnight, today Robinhood has been experiencing on and off again issues executing users’ crypto-asset trades, blaming it on unprecedented demand for crypto services. At the same time, commission-free Robinhood continues to face headwinds from regulators. For example, the Massachusetts Securities Division published an administrative complaint that Robinhood has “continued a pattern of aggressively inducing and enticing trading among its customers – including Massachusetts customers with little or no investment experience.” Yesterday, Robinhood filed a complaint and motion in the Massachusetts State Court to block the complaint.