Since it’s advent in 2009, Bitcoin has had its pathway strewn with contention. The same fate attended the trajectory of other cryptocurrencies which, came after it as they’ve been widely criticised for their volatility, their large dependence on electricity to mine and their easy accommodation of nefarious transactions.
Although, a large number of countries have not made the operation of Bitcoin and other digital currencies illegal, their status come with different regulatory implications from one country to another.
Here are some countries that have placed limitations and ban on the usage of Bitcoin and other cryptocurrencies.
RUSSIA
Russia had in July 2020 passed it first laws to regulate cryptocurrency. The law, which came into force in January, 2021 bans Russian civil workers from owning any crypto assets.
IRAQ
The Iraqi Central Bank in 2017 issued a statement prohibiting the use of cryptocurrencies which is still in force till today.
Earlier this year, the Ministry of the Interior of the Kurdistan regional government issued a similar statement to halt money brokerages and transactions relating to cryptocurrencies.
However, despite sustained efforts by the authorities to stop its usage, cryptocurrencies are becoming increasingly popular in Iraq .
ALGERIA
Following the passage of a financial law in 2018, Algeria has placed a ban on the use of digital currency thereby making it illegal to buy and sell, or keep the digital currency.
CHINA
On September 24 this year, the People’s Bank of China outrightly banned cryptocurrency transactions in the country following a statement by Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China.
EGYPT
In 2018, the country’s primary Islamic advisory body, Dar al-Ifta, issued a religious decree proclaiming Bitcoin transactions as “Haram” – a thing prohibited under Islamic law.
In September 2020, the country’s banking laws were tightened to prevent cryptocurrency transactions
NORTH MACEDONIA
Amongst all the European countries, North Macedonia is the only country to have officially banned all forms of cryptocurrencies.
TURKEY
The Central Bank of the Republic of Turkey on April 16, 2021 banned the use of cryptocurrencies in the country.
NEPAL
In August 2017, the Nepal Rastra Bank declared Bitcoin transactions unlawful.
VIETNAM
The State Bank of Vietnam declared the use of Bitcoin as a means of payment illegal subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).
This declaration notwithstanding, the Vietnam government has not banned Bitcoin trading or having them as assets.
INDIA
Earlier this year, the Indian government said it considers the trading and mining of cryptocurrencies as a criminal act. This implies that the government will only permit digital currencies that have the approval of the government to be traded on exchanges.
IRAN
Apparently, about 4.5% of the world’s Bitcoin mining takes place in Iran which accounts for revenues of over $1 billion, according to Blockchain analytics firm Elliptic.
For the improvement of the crypto Industry, the Iranian government offered licensed miners cheap energy but all mined crptos would be sold to the Central Bank. However, due to the activities of unlicensed miners whose mining activities drains more than 2GW of electricity thereby causing power shortages, the government placed a four- month ban on Bitcoin mining which, expired on September 22.
COLOMBIA
In 2014, the Superintendencia Financiera warned financial institutions that they are not allowed to be involved in virtual money operations called cryptocurrencies.
INDONESIA
On January 1st, 2018, Indonesia’s Central Bank issued new regulations that placed a ban on the usage of cryptocurrencies as a means of payment.
BOLIVIA
Since 2014, the Bolivian Central Bank issued a resolution, banning the usage of digital currency.
