Different countries have different financial regulations policies governing their economies. Digital currencies such as Bitcoin counts as a financial product. However, not all countries are welcoming Bitcoin with open arms. Some countries are prohibiting the usage of the cryptocurrency.
Top 10 Countries Where Bitcoin is Banned
Coinpedia presents a list of the top ten countries where usage of Bitcoin is banned:
China became the world’s number one bitcoin hub hosting about 70% of the global bitcoin trade volume. However negative policies from the Communist party of China shifts this figures. Despite the restriction china still, host more than 9% of the global bitcoin trading volume. In China, about 90% of all banks are under the government.
This simple fact made it easy to ban bank involvement with cryptocurrency curtailing bitcoin trade. On the other hand, only banks and their employees are restricted to deal in bitcoin. Common Chinese citizens are free to trade the cryptocurrency for the meantime.
During the early days of bitcoin, the Bangladesh government banned the cryptocurrency citing a lack of a central payment system. The government further explained that bitcoin could be harmful to Bangladeshi citizens. Offers found trading in Bitcoin in Bangladesh are penalized in accordance with the Money Laundering Control Act and the Foreign Currency Control Act.
Bitcoin abilities to conceal transactions led to its Ultimate Ban in Nepal. The Nepalese government slapped an indefinite ban on bitcoin trading in the country towards the end of last year. Individuals suspects of bitcoin trading are under arrest and prosecution in the Country’s Court of law.
During the early days of bitcoin around June 2014, the Bolivian government banned all cryptocurrencies in the country. The government cited a lack of government control over bitcoin as the main reason for the ban.
In mid-2014, this central Asian country situated along the famous ancient Chinese Trade route Silk road banned bitcoin. The country’s government explained that bitcoin lacks the control of the central government. The government further explained that private and public regulations on bitcoin are both unfeasible. When in Kyrgyzstan don’t dare to use anything apart from the official currency, the Som.
Just before the Bitcoin bubble burst towards the end of 2017, the Moroccan government banned the cryptocurrency. The government cited untraceability and lack of regulations of transactions as the main reason for banning bitcoin in the country.
This Caribbean country banned bitcoin in 2014 after the country’s National Assembly outlawed all forms of digital currencies. Ecuador, however, started the idea of developing a state-run electronic cash system. In Ecuador, cryptocurrencies are illegal for all citizens.
Iceland moved to ban bitcoin in March 2014 during the early days of the cryptocurrency. But the country still allows its citizens to mine and own bitcoin. The ban focuses on avoiding capital flight out of the economy in the form of bitcoin. This clearly explains that the country learned its lessons from the 2008 financial downturn.
Bitcoin was banned in Thailand after a startup Bitcoin co. Ltd applied for currency exchange license from the central bank. The Bank of Thailand decried lack of existing laws as the main reason for the ban.
Just like China, Russia is among the world’s leading Bitcoin Hubs with the highest figures both for bitcoin mining and trading. In Feb 2014, the Russian government banned bitcoin by categorizing it as an illegal substitute for money.
Do you think these countries will one day relax their bitcoin regulations? What could be the prospects for Bitcoin after all? What is the regulation atmosphere regarding bitcoin like in your country?
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