Countries where Cryptocurrency is Banned

By Rishma Banerjee

Even though a look at the Bitcoin price history might instill doubts about the coins stability, its popularity is on the rise. Now more than ever, countries are coming up with regulations and legal frameworks to facilitate the functioning of crypto along with the traditional fiat currency. Even so, some countries are still struggling to understand the revolutionary nature of the cryptocurrencies like Bitcoin, Ethereum, Ripple, etc. As of now, in 107 out of 251 countries, bitcoins have been allowed unrestricted status.

Here are a few countries, where the use of Cryptocurrencies is banned, as per the legal framework of the state.

It is quite natural that China with such severe security and privacy measures in their day to day lives imposes a ban on any sort of digital currency trading and purchasing. But in spite of the ban, China’s middle class is investing in crypto, and the country’s crypto market is as positive and active as ever. They even have plans to build smart cities based on blockchain technology and have built blockchain parks to facilitate the growth of blockchain based startups and academia.

It is natural for people to be really curious about whether India‘s purported cryptocurrency ban is for real, but the real state of affairs is that though cryptocurrency is not entirely banned in the country, it is illegal to use it as a method of making any kind of transactions. Regulations against money laundering have also been put into place.

Algeria recently declared that buying, selling, trading as well as even holding bitcoins to be illegal and thus a punishable offense in 2017, as in the case in Equador as well. Bangladesh, in an effort to keep up with their anti-money laundering laws, has also declared that any holder of digital currency will be sent to jail. Indonesia and Vietnam both have the same regulations, by which it is legal to hold digital currencies, but they cannot be used as payment tools. This had been functional in Indonesia since January of 2018. All forms of cryptocurrencies are banned in Brazil. Thailand, which has been very discouraging of cryptocurrencies, and though bitcoins have been legalized since 2017, proper measures are still required to be put in place. Nepal has also banned bitcoins as of 2017, while in Bolivia, The Central bank of Bolivia deliberated about the regulatory framework for cryptocurrencies and has banned any digital currency which is not regulated by a country or economic zone. Mexico has a mixed stance on cryptocurrencies where, like USA, the use of ICOs have been regulated.

Using any digital currency as a tool or method of payment in Macedonia is illegal and can lead to prison, hefty fines for the offenders too. All initiatives to introduce it as a payment tool in restaurants and cafes has failed.
That being said, you can easily keep track of the current updates in the legislation of your country regarding crypto, if you keep an eye on one of the best cryptocurrency news aggregator websites.