1. Regulations and Legal Status

In Turkey: Cryptocurrencies are not recognized as official payment instruments. The regulation of April 16, 2021, prohibits the use of crypto assets in payment services and electronic money issuance. However, payments with cryptocurrencies may still be valid based on private agreements between parties.

International Perspective: While some countries (e.g., El Salvador) recognize cryptocurrencies as legal tender, many have yet to regulate or only partially allow such usage.

2. Validity and Agreements Between Parties

Freedom of Contract: Under the principle of freedom of contract, parties can agree to payments in cryptocurrencies. However, the volatility of cryptocurrency values may pose risks.

Nature of Cryptocurrencies: Whether cryptocurrencies are considered goods, services, or digital assets impacts the evaluation of whether the debt has been fulfilled.

3. Risks and Challenges

Value Fluctuations: The high volatility of cryptocurrencies may result in one party incurring losses during payment fulfillment.

Anonymity and Traceability: The anonymous nature of cryptocurrency transactions can complicate proof of payment.

Legal Uncertainty: Varying regulations across countries pose additional risks for international contracts.

4. Recommendations

Standardized Regulations: National and international standards should be developed for cryptocurrency-based payments.

Value Stabilization: Contracts involving cryptocurrency payments should include fixed exchange rates to mitigate value fluctuations.

Insurance and Security Mechanisms: Insurance or security measures should be implemented to protect parties from potential losses.