Cryptocurrencies are growing rapidly, but not everyone is on board, as many countries around the world have banned the trading and trading of these digital tokens. Today, with more than 5,000 known cryptocurrencies in the world and only a few months left in 2021, analysts and experts still predict a sharp increase in the value of Bitcoin, the oldest and most valuable cryptocurrency in the world. But where countries like India are rapidly developing their crypto spaces, others like China, Russia and Bangladesh have cracked.
Regulators and administrators in those countries say they fear crimes like money laundering and hacks. Let’s take a look at some of the countries that have banned cryptocurrencies.
China was once home to the largest number of Bitcoin miners in the world. While the reason for China’s cryptocurrency ban remains unclear, a report from CryptDailyUse claims the decision was made in favor of cutting energy prices and reducing greenhouse fuel emissions. associated with cryptographic transactions.
Bangladesh’s central bank does not allow crypto trading as it goes against the country’s financial regulations. Trading in foreign currencies, too decentralized like cryptos, is not allowed by law in Bangladesh. If found in violation of the law, cryptocurrency traders can face years of imprisonment in the Asian nation, according to a report by Ccoingossip.
In September 2017, Russia’s central bank said it was totally against the regulation of cryptocurrencies like real money. Market sites for Bitcoins and other cryptocurrencies are blocked in Russia. Russia is expected to reconsider trading in cryptocurrencies in the near future, however.
Under the Islamic legislature of this country, cryptocurrency transactions are prohibited in Egypt. Egyptian Islamic adviser Dar al-Ifta believes cryptocurrencies could harm the country’s national security and economic health.
Morocco’s foreign exchange office had informed the nationals that transactions in virtual currencies were an “infringement” of forex regulations. The decision to ban crypto-trading in Morocco was also made in 2017. Recently, however, reports of rapid growth in illegal Bitcoin trading in Morocco have surfaced online.
It is assumed that the Moroccan government may allow crypto-trading under specific conditions in the near future.
Other countries like Turkey, Iran, Algeria, Bolivia, Colombia, Indonesia, Nepal and North Macedonia have also banned or restricted the use of cryptocurrencies in recent times. countries like El Salvador are even officially adopting the use of Bitcoin.