Turkey’s central bank has banned the use of cryptocurrencies and crypto-assets to purchase goods and services, citing possible “irreparable” damage and significant transaction risks, leading to a decline in global Bitcoin prices, Reuters reports.

“Payment service providers will not be able to develop business models in such a way that cryptoassets are used directly or indirectly in the provision of payment services and the issuance of electronic money,” the Turkish Central Bank said in a statement.

The ban comes into force on April 30.

Turkey’s burgeoning cryptocurrency market has gained momentum in recent months as investors joined the global bitcoin rally seeking to hedge against the lira’s depreciation and inflation, which topped 16% last month.

Cryptocurrency trading volumes in Turkey reached 218 billion liras ($27 billion) from early February to March 24, up from just over 7 billion liras in the same period a year earlier, according to US researcher Chainalysis analyzed by Reuters.

This week Royal Motors, which distributes Rolls-Royce (LON:RR) and Lotus cars in Turkey, became the first in the country to say it would accept payments in cryptocurrencies. Tech giants such as Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Expedia (NASDAQ:EXPE) also accept such payments.

Bitcoin began to fall after this news. As of 13:20 Moscow time, the cryptocurrency is losing 2.33% and trading at $60,748.