Which Countries have banned Bitcoin so far?
Bitcoin is a controversial asset for many people, especially those who are in position of power. The ability to print money is one of the most valuable strengths that the government has. However, the increase in bitcoin has not occurred without significant speed mounds. Certain countries frown upon it because it is not backed by a central bank or government. We cannot deny that emotions have played a role in pushing Cryptocurrency prices higher. The fear of missing out on big gains has kept the demand for bitcoin and other digital currencies high. Despite the fact that many governments around the world have adopted or at least regulated cryptocurrency, Here are some of the countries that have attempted to completely ban it.
Countries that have banned Bitcoin and other Cryptocurrency:
The Bolivian Central Bank officially prohibits any currency or coins that are not regulated by the government in June 2014. Bitcoin is one of the examples he gives. The Bolivian Central Bank also prohibits residents from the price of denominations in any currency that has not been approved by the country’s national institutions
The first in December 2013, when Bank Rakyat China decided to ban Bitcoin because of its relationship with drug trafficking and illegal pistols. The last development has the potential to fully eliminate the trading of cryptocurrency and mining in the most populous country in the world. Financial institutions are not permitted to facilitate Bitcoin transactions. Financial companies are prohibited from holding or trading Cryptocurrency based on current regulations. Regulations effectively prohibit the exchange of cryptocurrency or trade platforms in September 2017, with 173 platforms closed in July 2018. The state, on the other hand, has begun to develop its own cryptocurrency. When the cryptocurrency they live, safe to assume that the trade embargo will be lifted.
Algerian law currently prohibits the use of Cryptocurrency. The 2018 Algeria Financial Law prohibits whatever Cryptocurrency use. It is illegal to buy, sell, use, or have what is called a virtual currency. Virtual currency is one used by internet users. This is distinguished by a lack of physical support such as coins, banknotes, or checking or credit card payments. Every violation of these provisions will be demanded based on applicable laws and regulations. Bitcoin is currently a hot commodity in the financial industry. However, the lack of the Central Supervisory Agency to oversee it makes some countries be vigilant about their use and existence.
Morocco has banned other Bitcoin and Cryptocurrency since 2017 because of concerns about security risks using the “hidden” payment system. “Financial transactions with foreign countries must be carried out through authorized intermediaries and with foreign currencies listed by the Al-Maghrib bank,” according to the Moroccan foreign exchange office. In Morocco, Cryptocurrency trade can be punished with a fine. Despite the ban, Morocco is one of the four African countries where Bitcoin is most traded, with Nigeria, South Africa, and Kenya lags behind. Morocco is ranked 36th in the world for Bitcoin trading activities, and the top traders in North Africa, according to data.
5. North Macedonia
North Macedonia is the only European country that prohibits the use of cryptocurrency such as Bitcoin, Etheruem, and others. Investing in Cryptocurrency is prohibited, and national banks have warned that Crypto transactions are related to criminal activities. The central bank also warns its citizens who speculate in Cryptocurrency is a risky business because of the platform where this transaction occurs not ruled by law.
6. Saudi Arabia
Saudi Arabia joins other countries to forbid certain or all the use of their Bitcoin country. This creates a unique problem because of the nature of decentralization and anonymous for other Bitcoin and Cryptocurrency users. Monetary Authority Saudi Arabia. The same issuing warnings recruited in unauthorized securities trade in the foreign exchange market by the committee remained the same. Financial institutions are warned of using Bitcoin.
Government-issues notices about the pitfalls of investing in the cryptocurrency markets are one of the most common actions identified across the surveyed jurisdictions. The aim of the warning, most of which is issued by the central bank, is to notify the public about the difference between the actual currency, which is issued and guaranteed by the government, and Cryptocurrency, which is not. Many warnings issued by various countries also highlight the possibilities for illegal activities such as money laundering and terrorism arising from Cryptocurrency.
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