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Bitcoin Stumbles on Turkey Central Bank Ban; Coinbase Dips

Bitcoin falls after Turkey's central bank issues a ban against the use of cryptocurrencies for payments in the country starting at the end of the month; Coinbase slips.

Bitcoin fell Friday after Turkey's central bank issued a ban against the use of cryptocurrencies for payments in the country starting from the end of the month.

In a statement, the Central Bank of the Republic of Turkey said it will ban bitcoin and other non-fiat currencies from being used for several reasons, including a lack of "supervision mechanisms" and "central authority regulation" for crypto assets.

The benchmark cryptocurrency slipped 3.43% to $60,823 after reaching all-time highs above $64,000 earlier this week ahead of crypto exchange platform Coinbase Global's  (COIN) - Get Coinbase Global Inc Report initial public offering. Ethereum, the world's second-most prominent cryptocurrency, was down 4.89%.

"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," Turkey's central bank said.

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Turkey isn't the only country looking to take tough measures on digital assets. India reportedly is set to propose a law banning cryptocurrencies and making trading or even holding assets punishable with a fine.

The Reserve Bank of India as well as other central banks including the People’s Bank of China and the European Central Bank have been discussing the possibility of issuing their own digital currencies.

Meanwhile, shares of newly public Coinbase were down on Friday on the back of declines in bitcoin, ethereum and other cryptocurrencies. At last check, shares of Coinbase were up 0.95% at $325.95 after ending the trading day Thursday at $322.75. 

The stock made its trading debut Wednesday with a first trade of $381, 52% above its reference price of $250 a share.

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