Should the Turkish government pass new amendments, all cash payments above $205 would be subject to fines of 10%.
Amid Turkey’s consideration of a ban on cash transactions above 7,000 Turkish liras ($205), the community is wondering whether such restrictions have any implications for cryptocurrency.
The Turkish Revenue Administration on Sept. 9 opened a public draft consultation on amendments to the General Communiqué on Tax Procedure Law number 459.
The amendments proposed to set major restrictions on cash payments, requiring consumers and merchants to process all payments above $205 through banks or financial institutions.
