The surge of e-commerce and subsequent rise of online transactions has paved the way for cryptocurrencies to emerge out of the internet's shadows, and become mainstream assets. After gaining attention of leading payments firms, digital cash like Bitcoin has also become a popular and safe investment vehicle since it's almost immune to counterfeiting.

As part of its digital push, Dubai has started accepting Bitcoins as payment for licensing services, but all governments in the region don't seem to be that open to virtual money. Citing the volatile nature of digital currencies as a possible risk, Turkey has banned the blockchain-based asset from use in online transactions.

The administration is concerned about the lack of regulation and supervision by a central bank or similar organisation, which ironically makes the encrypted currencies appealing. Turkey's tech minister also highlighted how easily the likes of tech tycoon Elon Musk can impact the value of cryptocoins with a single tweet broadcasting their views.

But a complete ban is a surprising move considering that the country's finance ministry had earlier stated that it was exploring digital cash along with Middle Eastern neighbours. The government has now cited the threat of price manipulation among factors, which make adoption of cryptocurrencies more risky than beneficial.

Other prominent countries in the region have embraced the rise of Bitcoin with their own norms rather than restrictions in place. UAE has a framework to regulate digital cash and Israel has also made investments in crypto coins taxable.

The Emirates is also a part of China's push to set rules for international transactions via cryptocurrencies issued by their respective central banks. The gulf's digital oasis has even joined hands with Saudi Arabia for developing a virtual currency called Aber.

Restrictions on online business activities aren't entirely new for Turkey, which had banned ads for Twitter and Pinterest earlier this year, over failure to appoint local representatives.