- Cryptocurrency is something that has become a sensation in the last few years.
- Digital currencies have seen massive growth in the market. Everyone is investing big in this in the hope that they’ll get a big amount in return.
- Cryptocurrency is getting recognition in every part of the world. Many countries have legalized this in the last few years. But there are some countries that have insecurity with cryptocurrency.
- These countries have either made some rules or have totally banned them.
- China is a powerhouse of this world. This Asian nation has developed in a very concise period. China never left unaware of trends. However, cryptocurrency isn’t legal in China.
- In 2021, China’s central bank declared transactions of cryptocurrency are illegal and banned. They banned any type of cryptocurrency.
- One major reason behind banning cryptocurrency is that China is planning to introduce its own e-currency.
- The PBoC is planning to become the world’s first central bank to introduce its own digital currency.
- Just like China, India’s other neighbor, Bangladesh has completely banned the cryptocurrency. The central bank of China has prohibited crypto-trading.
- There are strict rules and punishment for people who are found using Bitcoin. These people can be jailed under the anti-money laws.
- The central bank of Bangladesh said that owning or transactions of digital currency such as cryptocurrency has been announced as illegal by the Bangladesh bank.
- The central bank has denied transactions in virtual currency.
- The Moroccan government banned cryptocurrency in 2017. They banned any type of digital currency, including Bitcoin. The ministry of finance warned citizens that their involvement in any type of trading or investing will result in fines and penalties.
- However, Morocco has come out as the top Bitcoin trading nation in North Africa. According to a Singaporean cryptocurrency provider, 0.9 million people own cryptocurrency.
- Nigeria banned cryptocurrency in 2021. The central bank of Nigeria released a statement that the use of Bitcoin and other digital currency is totally prohibited in currency.
- CBN issued an order to shut down crypto-traders’ accounts.
- But despite restrictions on cryptocurrency, it was noticed that the has of Bitcoin has been rising. Peer to peer exchanges is one major reason behind this.
- Bolivia’s central bank banned all digital currency in 2014. The central bank specially mentioned Bitcoin, namecoin, primecoin and feathercoin in the report.
- In 2014, Bolivia became the first South American nation to ban crypto.
- The central bank of the Republic of Turkey issued a report banning trading or investing in crypto. Bitcoin was also included in this. The central bank mentioned all possible risks and damages of such transactions.
- According to the official magazine published, the central bank of Turkey announced that cryptocurrency and other digital currency should not be used as a method of payment.
- Algeria is another country on this list that has banned the cryptocurrency. Algeria announced the prohibition of crypto in 2018. The notice issued by financial law states that use of cryptocurrency in any method is illegal.
- Cryptocurrency is still banned in Algeria.
- The Iraqi central bank has noticed that cryptocurrency will be banned in the country.
- They strictly issued a statement of prohibition of any kind of cryptocurrency.
- In 2021, the Ministry of interior of the Kurdistan regional government reminded all foreign exchange and money transfer offices to quit brokering cryptocurrency. If they are caught doing so, they have to face a penalty.
India’s neighbour Nepal banned cryptocurrency in 2017. The government has made strict laws against those who are caught in any digital currency activities.
Well, there is no doubt the power crypto carries. It has become the most powerful thing in investing.
The craze for cryptocurrency is increasing in many countries. There are a few countries who are against crypto. There are several reasons behind this prohibition.
- Security – Many countries think that digital currency can be a threat to countries’ security. It collects data of users before buying and investing. Many countries’ governments think it is not safe to provide personal and financial status to any digital currency.
- Fraud or scam threat – There is not a single online platform which doesn’t deal with scams. Many scammers cheat people in cryptocurrency. They sell or trade fake cryptocurrencies.
- Loss of money – Every coin has two sides. This quote resembles crypto also.
No doubt one can earn a hefty amount from crypto. But at the same time, crypto can give a jolt to their investors. Digital currency is volatile. Governments are always aware of their citizens to avoid crypto as this can affect them financially.
- Cryptocurrency is definitely a trending thing that has been a sensation in the last few years.
- But just like other things cryptocurrency also has both merits and demerits.
- Many countries are still not convinced with this digital currency and they have put a ban on this.
- The government wants to protect their citizens from any kind of financial loss or scams.
- However, cryptocurrency has become a big thing now and they’ll try to expand in every country by winning the trust of the government officials.