Countries where cryptocurrency is banned

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Many countries simply do not know how to manage a new economic instrument like cryptocurrency. Even today, bitcoin causes extraordinary feelings in different countries. Therefore, there are countries that have banned this economic phenomenon. Some residents of many countries believe that it is used by criminals and is too volatile. And the rest of the residents believe that cryptocurrency is a salvation from economic waves.

The more people support cryptocurrency, the more people have thoughts about its regulation. The reason for the restriction is that virtual transactions bypass taxes and fees.

BTC has been raising more and more questions since 2009. Many states have not yet decided, which leads to ignoring the crypto world and introducing a number of restrictions and prohibitions.

Next, a list of states that have an ambiguous relationship with cryptocurrency.

China

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It all started when the cryptocurrency became a competitor to the digital yuan. To promote its cryptocurrency, China has banned mining, the use of another crypt or its exchange.

Algeria

Algeria has banned the use of cryptocurrencies, any exchange, transaction and purchase since 2018. The storage of crypts is punishable by law.

Bolivia

In this country, cryptocurrency has been completely banned since 2014.

Iran

Due to the economic drawdowns in Iran, the country has been recovering for a very long time. Therefore, mining in the country was allowed, and only in it, cryptomonets mined outside the country are prohibited. Which led to the fact that 4.5% of coins were mined in Iran, with a total value of about a billion dollars.

Large miners are even provided with cheap electricity, but taking into account that tokens are sold to the Central Bank. This situation led Iran to the fact that the country had a shortage of electricity. The country had to ban mining for 4 months.

Colombia

Financial institutions received a ban on protection, investment and transactions with digital money in 2014.

Egypt

In this country, there is a struggle with the crypt at the religious level. That is, the Islamic advisory body, in 2018, issued a decree that cryptocurrency transactions are considered "haram". Further, the attitude towards the crypt was tightened in 2020, in order to prevent all cryptocurrency transactions or the use of funds without a Central Bank license.

Nepal

Bitcoin has been outlawed since 2017.

Northern Macedonia

It is the only country across Europe that has banned cryptocurrency.

Indonesia

The Bank of Indonesia issued rules in 2018 that prohibit any use of cryptocurrency as a means of payment.

Vietnam

In the country, it is considered illegal to use any cryptocurrency in all its spheres. Fine: 150-200 million Vietnamese dong.

This does not apply to trading and storing BTC.

Turkey

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Many citizens paid attention to the cryptocurrency after the Turkish lira depreciated. In 2021, the Central Bank of Turkey issued a decree banning the use of cryptocurrencies. The next day, Erdogan issued a decree that cryptocurrency exchanges are included in the list of firms subject to anti-money laundering and terrorist financing regulations.

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