409 / 521
Payment and Security Settlement Systems
*
Att. Ozgur Kocabasoglu
The worldwide attraction gain of Bitcoin, which is an encrypted
post-modern online payment instrument that is transferred by not
depending on any central authority and that does not disclose the iden-
tity of its users, has raised the importance of alternative payment and
monetary systems. However, it should be underlined that Bitcoin is not
a legally regulated
1
instrument, and that therefore it poses several risks
for consumers.
Some steps have been taken in order to create the necessary legal
base in Turkey since the usage of alternative payment and monetary
systems has risen. Within this regard, the Law on Payment and
Security Settlement Systems, Payment Services and Electronic Money
Institutions No.6493 (“Law”) entered into force through publication in
the Official Gazette dated 27.06.2013 and numbered 28690, for the
purposes of regulating and inspecting new trends in payment services
and monetary systems.
For the application of said Law, the Regulation on Payment
Services and Electronic Money Issuance (“Regulation”) and the
Communiqué on the Management and Inspection of Information
Systems of Payment and Electronic Money Institutions (“Communiqué”)
were published in the Official Gazette dated 27.06.2014 and numbered
29043.
This article aims to provide a general overview of the legal basis
of some postmodern payment systems that are supposed to play an
MISCELLANEOUS
393
*
Article of July 2014
1
Banking Regulation and Supervision Agency (“BRSA”), in its announcement dated 25.11.2013,
stated that the technology of Bitcoin does not enter within the scope of the Law on the Payment
and Security Consensus Systems, Payment Services and Electronic Money Institutions num-
bered 6493.