Which countries have banned Bitcoin

Which countries have banned Bitcoin
Which countries have banned Bitcoin

In this post, we would be discussing which countries have banned bitcoin.

Which countries have banned Bitcoin?

There is, without a doubt, that we are in the center of a cryptocurrency revolution. Numerous countries worldwide are starting to understand the value that cryptocurrencies provide to their economies and have put laws to direct it. The mainstream adoption of cryptocurrencies, particularly Bitcoin, has already occurred, and people who refuse to see it are likely to be left behind. There’re still some countries that see cryptocurrencies and Bitcoin as a risk to their economy.

You might also like to read: Will ethereum overtake Bitcoin

Below here is a list of countries that have banned bitcoin.

Iran

The Central Bank of Iran officially banned cryptocurrencies in financial transactions to stop terrorism and money laundering. The measure is recognized as part of Tehran’s actions to regulate the money market following the rial reached its lowest amount this month.

Nepal

Not long ago, Nepal Rastra Bank, the country’s financial regulator, totally banned any operation with the cryptocurrency because it threatened its economy. His decision was confirmed by the arrest of twelve people, reportedly active in the management of digital currency exchanges in Nepal’s territory.

Bolivia

Bolivia has once more reaffirmed its reluctance to let cryptocurrencies in the country because of some inhabitants’ current criminal practices. After having to condemn a hidden pyramid scheme under a assume investment in cryptocurrencies, the Central Bank of Bolivia provides a statement in which they remind the people that virtual coins are banned.

India

India warned its citizens about how dangerous cryptocurrency could be and encouraged the people never to use it.

Kyrgyzstan

Kyrgyzstan has prohibited the use of all types of cryptocurrencies as a payment method in the country and Altcoin and Bitcoin. However, no law bans its residents from buying and selling Bitcoin.

Denmark

Its use hasn’t been prohibited; it may be used, but the government rejects it and has said that it won’t regulate bitcoins for now.

Thailand

The Bank of Thailand provides a statement asking financial institutions never to participate in cryptocurrency transactions for anxiety about possible problems surging from unregulated trade.

The central bank stated that cryptocurrencies weren’t legal tender in Thailand, adding that they may be used in illegal activities like money laundering or support for terrorism. Recently, some development announced by the Thai government that it won’t ban cryptocurrencies altogether and are developing a regulatory framework for them.

Some other countries not listed or explained above that have banned Bitcoin include:

  • Ecuador
  • Bangladesh

Why do countries ban Bitcoin?

While Bitcoin is welcomed in several parts of the world, a few countries are careful due to its decentralized nature, perceived threat to current monetary systems, volatility, and connected to illicit activities such as money laundering and drug trafficking.

 

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