Although cryptocurrencies are rapidly growing, not all people are on board. Many countries have banned trading and dealing in these digital tokens. Experts and analysts still predict a sharp increase in Bitcoin’s value, which is the oldest and most valuable cryptocurrency. While India is growing rapidly its crypto space, other countries such as China, Russia, and Bangladesh are slowly reaping the benefits.
These countries’ administrators and regulators fear hack-attacks and money laundering. Let’s look at some countries that have banned Cryptocurrencies.
China had once been home to the largest number of Bitcoin miners in the world. Although the exact reason for China’s ban of cryptocurrency is not known, CryptDailyUse has released that claims the decision was taken to reduce energy prices and the greenhouse gas emissions associated with crypto transactions.
Crypto-trading is not allowed by Bangladesh’s central bank as it violates the country’s financial regulations. In Bangladesh, trading in foreign currencies is not permitted, even if they are decentralised, such as cryptos. Crypto traders could face years imprisonment in Bangladesh if they are found to be in violation of the law.
In September 2017, Russia’s central banking had stated that it was against the regulation of cryptocurrencies as real currency. Russia blocks cryptocurrency and Bitcoin market sites. Russia may, however, reconsider trading in cryptocurrency in the future.
According to the Islamic legislation of Egypt, cryptocurrency transactions in Egypt are not allowed. According to the Egyptian Islamic advisory Dar al-Ifta, cryptocurrencies could be detrimental to the country’s national security and economic well-being.
The Moroccan foreign exchange office had advised the citizens that virtual currency transactions were an “infringement” on forex regulations. 2017 was also the year that crypto-trading was banned in Morocco. However, recent reports about illegal Bitcoin trading in Morocco growing quickly have been online.
Some speculate that the government of Morocco might allow crypto-trading in the future under certain conditions.
Others like Turkey, Iran and Bolivia have also restricted or banned cryptocurrency use in recent years. However, as cryptocurrency gains momentum around world, this trend is changing. El Salvador has even adopted Bitcoin officially.