Crypto Is Banned 🚫
INTRODUCTION
The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.
*Countries Where Crypto is Banned*
- *Algeria*: Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.
- *Bangladesh*: Bangladesh has an ambiguous relationship with cryptocurrencies. Officially, prohibitions are in place with transactions in crypto punishable by up to 12 years under the country's money laundering and terrorist financing laws.
- *Bolivia*: There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014.
- *China*: China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.
- *Colombia*: In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions.
- *Egypt*: Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law.
- *Indonesia*: Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January 2018.
- *Ghana*: Cryptos are illegal in Ghana but its central bank has expressed an interest in blockchain technology and its potential uses and is accessing how it could be integrated into the country's financial system.
- *Iran*: Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports.
- *India*: India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.
- *Iraq*: Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in 2017 prohibiting their use which is still in force to the present day.
- *Kosovo*: While the holding or trading of cryptocurrency assets isn't yet prohibited in Kosovo, the government announced a ban on crypto mining in early January, blaming a growing energy crisis.
- *Mexico*: Cryptos are prohibited in Mexico, stating in June 2021 that virtual assets were not legal tender and not considered currencies under existing laws.
- *Nepal*: The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.
- *North Macedonia*: North Macedonia is the only European country so far to have an official ban on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.
- *Russia*: Russia has a chequered association with cryptocurrency, made all the more complicated by its ongoing invasion of Ukraine.
- *Turkey*: Many in Turkey turned to cryptocurrency as the Turkish lira plummeted in value. With some of the highest levels of use anywhere in the world, the arrival of regulations was swift this year as inflation peaked in April.
- *Vietnam*: The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).
