Along with the widespread growth of the increasing interest in digital transactions, interest in cryptocurrency has increased in our country and has been included in many areas of our lives. Thusly, in some countries, cryptocurrencies have started to be used as a payment method in many other sectors, especially in the e-commerce sector. For example, engaged in e-commerce activities in Switzerland; Digitec Galaxus stated that by offering its consumers the opportunity to pay in cryptocurrency, all payments can be made via Coinify (virtual currency platform on a global basis) 1 and the payment can be instantly converted into Swiss Francs. 2

In addition to Switzerland, many popular shopping sites today accept cryptocurrency as a payment method during sales made through e-commerce channels. Although it is basically mentioned that crypto coins have many common points with traditional payment systems, the fact that crypto coins are not in any state, authority, or bank's control mechanism has brought many question marks. As a matter of fact, based on this idea, with the "Regulation on Not Using Crypto Assets in Payments" ("Regulation") published in the Official Gazette No. 31456 dated April 16th, 2021 3 in our country; It was decided not to use crypto assets in the provision of payment services. Undoubtedly, the sector most affected by this Regulation, which will enter into force on April 30th, 2021, will be the e-commerce sector. As in various countries of the world, sectors that accept payments with crypto money methods, especially in e-commerce platforms, informatics, education, and even legal consultancy, are gradually increasing in Turkey.

In particular, unlike debit card transactions, it has strengthened its place as an alternative payment method in e-commerce due to the transfer speed, low cost and is considered more secure than the central system by some authorities in payments made with crypto money. However, with the Regulation; the development of business models in which crypto assets will be used directly or indirectly has been prevented and the recent imposition of such regulation has led to the perception in some circles that there is "a fundamental forbiddance on crypto-assets".
Undoubtedly, with such a regulation, the Central Bank aimed to eliminate the irreparable damages against the risk of the theft of digital currencies due to the fact that crypto-assets are not subject to any control mechanism and do not have a central addressee.

However, it is argued by many financial authorities that liberal regulations should be made to ensure transparency to provide an environment of trust regarding cryptocurrencies. Especially, in this period when e-commerce volume is at its peak, the usage possibilities of digital assets with electronification, for example; It is necessary to draw the boundaries in which areas cryptocurrencies can be accepted as a means of payment or taxation of crypto assets. As is known, one of the biggest problems regarding the e-commerce industry is the security weakness in payment methods. Considering that crypto assets are basically created with blockchain technology, it is undoubtedly more resistant to security threats such as cyberattacks. It promises to prevent possible fraud in purchases made through e-commerce, especially since some cryptocurrencies do not want customers to share their personal data during their purchases.

As a result, although the Central Bank aims to eliminate possible risks against citizens with the Regulation expected to come into force in the coming days, it is obvious that there is a need for a comprehensive liberal regulation on crypto assets with digitalization.

Footnotes

1. https://en.bitcoinwiki.org/wiki/Coinify

2. https://kriptobulten.online/2019/03/23/isvicrenin-en-buyuk-online-perakende-sirketi-digitec-galaxus-kripto-para-ile-odeme-yapilmasini-kabul-etti/

3. https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm

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