Bitcoin has been a disputed since 2009 during it’s beginning, although it has been openly welcomed in various part of the countries, Most countries see it has a threat, they feel cryptocurrencies exposes their country to illicit activities like drug trafficking, money laundering and however they feel uncomfortable with cryptocurrencies volatility and decentralized nature.
Cryptocurrency is been seen by other countries, precisely the developing world as a safe rescue during economic crisis. In September 2021, El Salvador licensed cryptocurrencies has their legal currency, followed suit by Central African Republic in April this year.
Many people which are into this crypto world sometimes see cryptocurrencies as an investment, Why countries which criticize crypto places ban has a means of total restrictions to it’s usage.
Some countries implied restrictions on the way Bitcoin can be used, they however allows Bank to ban their costumer’s when making any crypto transactions. Other countries have completely prohibit Bitcoin and Cryptocurrencies alongside with severe penalties in place for anyone caught making crypto transactions.
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LIST OF COUNTRIES THAT HAVE BANNED CRYPTOCURRENCY COMPLETELY
China took a disciplinary actions against cryptocurrencies with increasing vigor throughout last year. Chinese officials have profoundly warn their citizens against digital assets and cryptocurrencies and have forcefully stopped the use of mining and currency Exchange in China.
August last year Yin Youping, the deputy director of Financial Consumer Rights Protection Bureau Of People’s Bank Of China( PBoC) Have severely warned citizen against cryptocurrencies thereby referring cryptocurrencies has an hazardous assets.
China Authorities aims to introduce their own e-currency to the world, and they hereby sees cryptocurrencies or other digital assets as a threat to their own motives. PBoC has a great intentions of been the first central bank in the entire world, to launch its own digital currency, using this strategy to closely monitor the transactions of it’s citizens daily.
On the 1 of January 2018, Indonesia central bank stated new regulations thereby banning the use of cryptocurrencies, including Bitcoin as a means for payments or for any other purposes.
The government intends to introduced a new bill to it’s indian parliament which would create a new central bank that will enhanced digital currency
Prime Minister Narendra Modi, Have condemned the issuance, mining, and trading any crypto assets. The Prime Minister further explained that he doesn’t want crypto to end in the wrong hands which may spoil or ruin the future of the youths.
Cryptocurrencies has formerly been in existence in russia not untill the recent crisis that occured between Russia and Ukraine. A law was legally imposed in July 2020, which tends to regulate cryptocurrencies which at first classify cryptocurrencies as property liable to taxation.
This implied Laws which came into full existence this year, However bans civil servants from owning any crypto assets.
The President Vladimir Putin has fully placed bans on any cryptocurrency transactions, however stated crypto to be linked with criminal activities.
The government didn’t banned cryptocurrencies or any transactions made on Bitcoin.
The State Bank of vietnam however lead the ban on bitcoin and every other cryptocurrencies, Or any supply due to cryptocurrencies. The state Bank however subjected anyone to punishment with fines from 150 million VND (€5,600) to 200 million VND (€7,445).
Algeria has legally banned cryptocurrencies. And have made it illegal for citizen to buy, sell, or trade Cryptocurrencies using following the passing of the Financial law which was assigned in 2018.
In 2014, Bolivia made a thoroughly ban in the use cryptocurrencies. The Bolivia State Bank however fully placed ban on any Crypto transactions, Or any currency that is not legally supervised by the country or economic zone of bolivia.
Colombia Financial institution didn’t allow the uses of cryptocurrencies or any form of Bitcoin trade. The Superintedenciar Financiera stated that “they can’t invest, protect, or manage any digital currency transactions”.
The Iraqi Central Bank is particularly unfriendly when it’s issued the probhition against cryptocurrencies and any form of Bitcoin transactions. This law against cryptocurrencies has been in existence since 2017.
Despite the fact that the authorities tried to stop cryptocurrencies, It’s seems fruitless has cryptocurrencies seems to increase faster than ever in iraq.
In 2018, A decree was made by Islamic advisory body, Egypt’s Dar al-lfta, Which decreed a total ban on cryptocurrencies claiming Bitcoin and Cryptocurrencies to be something against Islamic law.
In August 2018, Nepal Rastra Bank officially declared Bitcoin and any other cryptocurrencies illegal.
Economic Minister Atrane Rizavanolli, Declared a long term bans on cryptocurrencies. Although it wasn’t been prohibited before, not until January this year. The prohibition was due to the fact of the historical power shortage challenges the country has been facing after their independence since 2008. In other to prevent energy wastage, The ban on Crypto was initiated to stop this. By enforcing the ban police has been put in places in the country to fish out mining locations all over the country.
North Macedonia has legally placed a ban on Bitcoin and every other forms of cryptocurrency transaction’s. Actually they have been the only European country to have a total ban on cryptocurrency.
In 16th April 2021, The Central Bank of the Republic of Turkey outspokenly made a ban on Bitcoin and Other Cryptocurrencies, directly or indirectly payment for goods or services.
The Turkish President Recep Tayyip Erdogan, quarterly explained that cryptocurrencies endangers the youth. He also spoke that Cryptocurrency exchange firms subject to financing terrorism, and anti- money laundering.