List of Countries Which Have Ban The Use Of Cryptocurrency
This article highlight countries where bitcoin and other cryptocurrencies are banned or illegal in 2022.
The buying and selling of cryptocurrencies these days has triggered financial concerns for Government across the world, resulting in crypto ban and restrictions. Here are the full list of countries that have banned or restricted the use of cryptocurrencies among their citizens.
The debate over the legalization of crypto started at the time when bitcoin was formally launched in 2009 as the first decentralized cryptocurrency. Among others, Ethereum, Litcoin and Tether were also launched, and these coins are seeing massive trends of investment. Due to this reason, financial concerns for Government across the world are raised, leading to crypto restrictions or ban.
In 2021, Law Library of Congress (LLC) reported that the number of countries to have issued cryptocurrency bans have increased significantly since 2018. So before you invest in bitcoin or other digital currencies, your first step is to find out whether it's legal in your country or illegal. See below the list of countries where crypto is ban or legally restricted.
Countries where Crypto is Banned.
Here are full list of countries where the use of bitcoin is legally restricted and finally banned.
Algeria
Algeria Government has completely banned the use of cryptocurrencies among it citizen since 2018, finalizing that they are not backed by any Central authority. For this reason, the use, trading, buying, selling, owning and dealing in bitcoin and other form of cryptocurrencies are illegal.
Bahrain
Bitcoin and any form of cryptocurrency activities are prohibited to average citizens in Bahrain. However, for you to engage in any crypto-asset services in the country, you will need a license.
Bangladesh
Crypto Activities in this country is illegal, as it against its financial regulations and laws, finalizing that it is being unauthorized by the Bangladesh Bank and it can be used for money laundering. So therefore, the use of cryptocurrencies are banned in Bangladesh.
Bolivia
The Central Bank of Bolivia (CBB) has prohibited the use of cryptocurrencies since 2014 due to their unregulated nature; stating that any form of digital currency which is not regulated by the country government or Economic zone is illegal.
China
China once adopted the use of bitcoin, but as time goes on, it one of the first countries that imposed a ban cryptocurrencies. As a replacement, the country launched it own Central Bank Digital Currency (CBDC) called Digital Yuan. In addition, China also launched a centrally-regulated digital currency called Digital Renminbi (RMB).
Colombia
The Government of Colombia has already issued a warning in 2014 to all Financial Institution that are engaged in crypto activities to restrain from any form of digital currency transactions, including investing and trading of cryptocurrencies.
Dominican Republic
Bitcoin and other form of digital currency that are not regulated by any authority are considered not to be a legal tender and are illegal in Dominican Republic.
Egypt
Egyptians classified any form of crypto transactions as "Haram", which simply means the use of cryptocurrencies are prohibited under Islamic law. The Predominant Islamic Advisory Body of Egypt, "Dar-Al-lfta", passed the religious decree in 2018 - restricted bitcoin and other crypto from the land of Pharaoh.
Ghana
Although cryptocurrency activities and transactions are seen as illegal in the Republic of Ghana. However, Bank of Ghana is working to fit digital currency into their financial structure - the bank sees Blockchain̢۪s potential and are accessing how it can work with their financial structures.
Hong Kong
The Hong Kong Regulatory Regime banned cryptocurrency activities and limit trading services to investors. However, Hong Kong introduced an opt-in licensing regime in 2019 for platforms that allow investors to buy and sell security tokens, which are traditional stocks and bonds in a digital form. At the time, most cryptocurrencies fell outside the scope of the framework. Furthermore, licensed exchanges are only allowed to serve professional investors with a portfolio of at least HK$8 million ($1 million) in liquid assets. They are also banned from offering traders access to crypto futures and derivatives: derived from Forbes.
India
India Government has made cryptocurrency activities an offence criminal in the country. The country forbid cryptocurrency in it Financial Ecosystem completely and had imposed a regulations and laws that it will not tolerate any transactions that has to do with bitcoin or other crypto, and any citizen cut engaging in this activities will face the law penalties.
Indonesia
On January 1, 2018, The Indonesia Central Bank, Bank Indonesia - issued a regulations and laws to just ban the use of any form of cryptocurrencies as means of payment completely.
Iraq
Like Egypt and some Islamic world, Iraq too does not support the use of cryptocurrencies cited that Financial Institution are prohibited to handle it.
Kazakhstan
The National Bank of Kazakhstan has imposed a heavy cryptocurrency restrictions from the country. In addition, exchanges and mining are also banned. A complete ban of cryptocurrency has been contemplated. - derived from CryptoNews.Com.
Morocco
The Morocco Government has imposed a ban on cryptocurrency trading among the citizens since 2017 citing that transactions in unregulated digital currencies was an infringement on Forex regulations.
Nepal
The Country Government has placed a complete ban on any form of cryptocurrencies since August, 2017.
Nigeria
On February 5, 2021, The Central Bank of Nigeria (CBN) made a regulations and laws that all Financial Institution to stop facilitating any form of crypto transactions and stop dealings with any entities or organizations that are engaged in cryptocurrency activities. The CBN also included that any Nigeria Bank Account cut in doing any crypto transactions will be closed and the Financial Institution in-charge will face a fine.
Qatar
In 2018, Qatar Government warned all banks in the country to not deal with Bitcoin and other forms of it, exchange it with another currency, open an account to deal with it, or send or receive any money transfers to buy or sell this digital currency.
Russia
Cryptocurrency is legal in Russia, but it is restricted. Meanwhile, Platforms and Exchanges needs to with the country Central Bank before the activities can be performed. In addition, crypto cannot be used to settle payment or as a payment methods.
The Republic of Macedonia
The country ban cryptocurrency among the citizens citing that they cannot have crypto securities abroad. However, Bitcoin and other forms of digital currencies are still illegal in Republic of Macedonia till date.
Turkey
In April 2021, Turkey issued a regulation and law that banned the use of cryptocurrencies, including Bitcoin and Ethereum. The following day, Turkish President Recep Tayyip ErdoÄŸan issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.
Vanuatu
Crypto is Banned in this country. Whereas, several news indicated that Vanuatu accepted Bitcoin in Exchange for Citizenship. The country citizenship, however, denied this and claim to only accept US dollars in exchange for citizenship.
Vietnam
Vietnam Government considered the issuance, supply and use of digital currencies illegal. In addition, any citizen or organizations that are cut engaging in crypto activities will be subject to fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).
Final Thoughts
That's the list of current countries that have had cryptocurrency banned and restricted among their citizens. However, some countries like El Salvador and Central Republic of Congo has declared Bitcoin and other cryptocurrencies as legal tender and as a means of payment in their country.
Please update this post in the comment section if one of those information above has changed or there are additional crypto ban countries not listed above.
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