First, let us explain the concept of electronic money. Electronic money is a concept defined in Turkish law through legislative work carried out by the BRSA. It is monetary value issued against funds accepted by the issuing institution, stored electronically, used to carry out the payment transactions defined in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, and accepted as a means of payment by natural and legal persons other than the electronic money issuer.
In its simplest definition, electronic money needs to be connected to a central bank or an official institution. Since Bitcoin, a virtual cryptocurrency, is not linked to any central bank or official institution (as it does not meet the prescribed conditions), it cannot be considered electronic money.
For this reason, Bitcoin also cannot benefit from the safeguards and supervision listed for payment services and electronic money institutions.
