Regulators and administrators in these countries say they fear crimes such as money laundering and hack-attacks. Let’s take a look at some of the countries that have banned cryptocurrencies.
China
Once upon a time, China was home to the largest number of bitcoin miners in the world. The reason for China’s ban on cryptocurrency is unclear. A report by CryptDailyUse claimed that the decision was made in favor of lowering energy prices and reducing greenhouse fuel emissions associated with crypto transactions.
Bangladesh
Bangladesh’s central bank does not allow crypto-trading as it goes against the country’s financial regulation. Trade in foreign currency, that too crypto like Defi, law is not applicable in Bangladesh. If found to be in violation of the law, crypto traders could face years in prison in this Asian nation, says a report by Ccoingossip.
Russia
In September 2017, Russia’s central bank said it was completely against regulating cryptocurrencies as real money. Market sites for bitcoin and other cryptocurrencies have been blocked in Russia. However, it is expected that in the coming future, Russia may reconsider trading in cryptocurrencies.
Egypt
Under this country’s Islamic legislature, cryptocurrency transactions are banned in Egypt. Egypt’s Islamic adviser Dar al-Ifta believes that cryptocurrencies can be harmful to the country’s national security and economic health.
Morocco
Morocco’s Foreign Exchange Office informed the public that transacting in virtual currency was a “violation” of foreign currency regulations. The decision to ban crypto-trading in Morocco also came in 2017. However, recently there have been reports of a boom in illegal bitcoin trading in Morocco online.
Other countries such as Turkey, Iran, Algeria, Bolivia, Colombia, Indonesia, Nepal and North Macedonia have also banned or restricted the use of cryptocurrencies in recent days. However, as cryptocurrencies are gaining momentum around the world, the situation is starting to change. Countries like El Salvador are also officially adopting the use of bitcoin.
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