What Does PayPal’s Shutdown in Turkey Mean for Bitcoin?

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PayPal

has been forced to stop operations in Turkey. The shutdown will go
into outcome on Jun 6. Turkey recently denied PayPal of a new
license, that is compulsory to work within a country.
According to TechCrunch

, a reason for a rejection was that PayPal does not focus all
of their IT infrastructure inside of Turkey.

To get a clearer design of what’s going on in Turkey,
Bitcoin Magazine

reached out to
Emre
Kenci

, CTO and co-founder of
BTCTrader

, that owns and operates Turkish Bitcoin exchange
BTCTurk

.

Will Other Online Payment Providers Leave
Turkey?

According to Kenci, PayPal’s reasons for withdrawal Turkey might also
apply to other remuneration providers. Then again, others are means to
earn exemptions. “Businesses like
Western
Union

have been free from a law,” pronounced Kenci.

“If a business is holding supports on interest of a consumer, for
the purpose of permitting a consumers to send income to other
consumers or businesses, afterwards a business needs an electronic
money license,” explained Kenci. “If a business does not reason any
consumer supports though allows businesses to accept payments, afterwards they
need a remuneration processor license. Electronic income permit holders
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