Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Apple Inc.
  6. News
  7. Summary
    AAPL   US0378331005

APPLE INC.

(AAPL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Bitcoin tumbles after Turkey bans crypto payments citing risks

04/16/2021 | 07:36am EDT
FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

ANKARA (Reuters) - Bitcoin tumbled more than 4% on Friday after Turkey's central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible "irreparable" damage and transaction risks.

In legislation published in the Official Gazette, the central bank said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, to pay for goods and services.

The decision could stall Turkey's crypto market, which has gained momentum in recent months as investors joined the global rally in bitcoin, seeking to hedge against lira depreciation and inflation that topped 16% last month.

Bitcoin was down 4.6% at $60,333 at 1117 GMT after the ban, which was criticised by Turkey's main opposition party. Smaller coins ethereum and XRP, which tend to move in tandem with bitcoin, fell between 6%-12%.

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.

"Their use in payments may cause non-recoverable losses for the parties to the transactions ... and include elements that may undermine the confidence in methods and instruments used currently in payments," the central bank added.

This week Royal Motors, which distributes Rolls-Royce and Lotus cars in Turkey, became the first business in the country to accept payments in cryptocurrencies.

Cryptocurrencies remain little-used for commerce even as they become increasingly mainstream global assets, although companies including Tesla Inc and travel site Expedia Group Inc do accept such payments.

Tough regulatory clampdowns on cryptocurrencies by major economies have been relatively rare, with most seeking to clarify rules rather than prevent usage. Traders say such bans are hard to enforce, and crypto markets have in the past shrugged off such moves.

Turkey's main opposition leader Kemal Kilicdaroglu described the decision as another case of "midnight bullying", referring to President Tayyip Erdogan's decision last month -- announced in a midnight decree -- to fire the central bank governor.

"It's like they have to commit foolishness at night," he said on Twitter.

The legislation goes into effect on April 30th.

HEAVY HAND

Crypto trading volumes in Turkey hit 218 billion lira ($27 billion) from early February to 24 March, up from just over 7 billion lira in the same period a year earlier, according to data from U.S. researcher Chainalysis analysed by Reuters.

Trading spiked in the days after Erdogan replaced the bank governor, sending the lira down as much as 15%.

Last week, Turkish authorities demanded user information from crypto trading platforms.

"Any authority which starts regulating (the market) with a ban will end up frustrated (since this) encourages fintech startups to move abroad," said economist Ugur Gurses.

In what would be one of the world's strictest policies, India will propose a ban on cryptocurrencies and fines on those trading or holding the assets. China banned such trading in 2017, slamming the brakes on a free-wheeling emerging crypto industry.

"Headlines like this at this point tend to send a bolt across the bows," said Joseph Edwards, head of research at crypto brokerage Enigma Securities in London, while noting that similar regulatory moves in Nigeria and India "didn't even move the needle".

Ahmed Faruk Karsli, CEO of Turkish payment systems firm Papara, said the ban on transferring money to cryptocurrency platforms via fintech systems was unexpected.

"It is much easier to choose to ban than to make an effort to deal with this financial technology," he told Ekoturk TV.

"This is a regulation that makes me concerned for my country."

($1 = 8.0800 liras)

(Additional reporting by Tom Wilson in London; Editing by Kim Coghill, Jonathan Spicer, Gareth Jones and Catherine Evans)

By Ece Toksabay


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 1.10% 3306.37 Delayed Quote.1.69%
APPLE INC. 1.28% 129.74 Delayed Quote.-3.46%
BITCOIN - EURO -2.57% 46511.05 Real-time Quote.101.66%
BITCOIN - UNITED STATES DOLLAR -2.33% 56059.92 Real-time Quote.98.26%
EXPEDIA GROUP, INC. -3.57% 164.82 Delayed Quote.29.09%
RALLYE 0.54% 7.42 Real-time Quote.27.68%
TESLA, INC. -1.10% 663.54 Delayed Quote.-4.92%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.49% 8.2782 Delayed Quote.11.76%
All news about APPLE INC.
04:41pDow Jones Industrial Average : ends at record high after upbeat jobless claim..
RE
02:17pWALL STREET STOCK EXCHANGE : Stocks Close Higher As Tech Shares Rebound, Dow Hit..
DJ
12:48pDow hits record high as cyclicals rise on jobless claims data
RE
10:47aWALL STREET STOCK EXCHANGE : Stocks Turn Higher As Tech Shares Rebound
DJ
09:32aIBM unveils 2-nanometer chip technology for faster computing
RE
07:22aSOCIAL BUZZ : Gamestop Edges Higher, Rocket Companies Drop on Lower Q1 Results
MT
07:13aSelf-driving startup Aeva says its sensor can detect vehicles over 500m away
RE
04:32aPRESS RELEASE : Substantial increase in the first quarter - BayWa continues exce..
DJ
04:29aEXCLUSIVE : China's Tencent in talks with U.S. to keep gaming investments - sour..
RE
02:07aRENT COM AU  : Launches RentPay Platform; Shares Fall 11%
MT
More news
Financials (USD)
Sales 2021 352 B - -
Net income 2021 86 039 M - -
Net cash 2021 21 276 M - -
P/E ratio 2021 24,9x
Yield 2021 0,66%
Capitalization 2 138 B 2 138 B -
EV / Sales 2021 6,01x
EV / Sales 2022 5,68x
Nbr of Employees 147 000
Free-Float 99,0%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 157,73 $
Last Close Price 128,10 $
Spread / Highest target 44,4%
Spread / Average Target 23,1%
Spread / Lowest Target -10,2%
EPS Revisions
Managers and Directors
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
Sector and Competitors
1st jan.Capitalization (M$)
APPLE INC.-3.46%2 137 686
XIAOMI CORPORATION-25.60%79 502
SHENZHEN TRANSSION HOLDINGS CO., LTD.7.55%21 549
WINGTECH TECHNOLOGY CO.,LTD-16.21%16 406
FIH MOBILE LIMITED12.63%1 113
DORO AB (PUBL)28.48%170