When the current cryptocurrency bear run started we wrote an article on Why Cryptocurrency prices was falling. Some of the reasons was because a major country banned the use and trade of cryptocurrency.
Bitcoin made its debut as the first cryptocurrency in 2009 ushering in the new era of peer to peer digital currencies. While many countries and governments are contemplating best practices to regulate and manage the legality or not otherwise of the rising cryptocurrency economy.
So you want to know about all the countries where crypto is currently banned?
Recently China became the largest economy to ban Bitcoin. All cryptocurrencies exchanges are also banned. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in bitcoin. The government also cracks down on miners.
The government of Vietnam and its state bank has stated that bitcoin is not a legal or recognised payment method though there is not regulation of bitcoin as an investment
The central bank of Bolivia has banned the use of bitcoin and other cryptocurrencies.
Colombia has outlawed the use of Cryptocurrencies for either payment or investment.
The National Assembly in Ecuador passed a majority vote banning bitcoin and other cryptocurrencies.
Nigeria’s Central Bank recently also joined the list of countries that have banned bitcoin and other cryptocurrencies. It instructed the banks to withdraw support for any crypto related services/transactions and block any accounts used in transacting or facilitating cryptocurrency transactions.
Turkey banned the use of cryptocurrency for payments. This came after months of increasingly tight restrictions on cryptocurrency exchange operations.
Algeria in 2018 banned cryptocurrency use and trading. Those who break the ban are punishable under the country’s existing financial laws.
Trading in or using cryptocurrency in Nepal could land you in jail. The Nepal Rastra bank has banned the use and trade of cryptocurrency in the country.
In Qatar banks are banned from trading in cryptocurrencies. The Central Bank warned banks not “deal with bitcoin, or exchange it with another currency, or open an account to deal with it, or send or receive any money transfers for the purpose of buying or sell this currency.”
Bangladesh government has banned cryptocurrency since 2017. It asked citizens “to refrain from performing, assisting, and advertising all kind of transactions through virtual currencies like Bitcoin to avoid financial and legal damage.”
As you read this the list of countries not allowing cryptocurrency may change as more countries deliberate on their approach to the crypto/digital currency revolution.