Bitcoin ban: Here are the countries where cryptocurrencies are banned or illegal

Bitcoin has been controversial since its emergence in 2009, as have subsequent cryptocurrencies that have followed it.

Despite widespread criticism for its volatility, use in nefarious transactions and exorbitant use of electricity for mining, some, especially in developing countries, view Bitcoin as a safe haven during economic storms.
But as more and more people turn to cryptocurrencies as an investment or coin in various ways, as in casinos, here.
The legal status of bitcoins and other altcoins (alternative coins to bitcoins) varies greatly from country to country, while in some respects the relationship has yet to be properly defined or is constantly changing.
While in most countries the use of bitcoins is not illegal, its status as a means of payment or commodity varies depending on various regulatory implications.

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Some countries have placed restrictions on bitcoin use, and banks have banned their customers from making cryptocurrency transactions. Other countries have banned bitcoins and cryptocurrencies altogether, and there are severe fines for anyone who makes a cryptocurrency transaction.

These are countries that have a particularly complicated relationship with bitcoins and other altcoins.

Algeria

Algeria now bans the use of cryptocurrency after a financial law passed in 2018 that made it illegal to buy, sell, use or store virtual currencies.

Bolivia

Bolivia has had a total ban on the use of bitcoins since 2014. Bolivia's central bank issued a regulation banning it and any other currency not regulated by the country or economic zone.
A woman walks past a Bitcoin cryptocurrency advertisement in Hong Kong.

China

Throughout 2021, China has taken harsh measures against cryptocurrencies with increasing intensity. Chinese officials have repeatedly warned their people to stay away from the digital asset market and severely restricted mining in the country as well as currency exchange in China and abroad.

On Aug. 27, Yin Yuping, deputy director of the People's Bank of China's (PBOC) Financial Consumer Protection Bureau, called cryptocurrencies speculative assets and urged people to "guard their pockets."
The effort to undermine Bitcoin, a decentralized currency beyond the control of governments and institutions, is largely seen as an attempt by Chinese authorities to launch their own digital currency.
The People's Bank of China hopes to become one of the first major central banks in the world to launch its own digital currency, while also being able to monitor its employees' transactions more closely.
On Sept. 24, the People's Bank of China went even further and completely banned cryptocurrency transactions in the country.

Colombia

In Colombia, financial institutions are not allowed to conduct bitcoin transactions. In 2014, the Superintendencia Financiera warned financial institutions that they could not "protect, invest, broker or manage virtual money transactions."

Egypt

Egypt's Dar al-Ifta, the country's main Islamic advisory body, issued a religious decree in 2018 classifying bitcoin transactions as "haram," which is prohibited by Islamic law. Egypt's banking laws were tightened in September 2020, though not mandatory, to prevent the trading or promotion of cryptocurrencies without a Central Bank license.

Indonesia

Bank Indonesia, the country's central bank, issued new rules banning the use of cryptocurrencies, including bitcoin, as a means of payment as of January 1, 2018.

Iran

Bitcoin has a complicated relationship with the Iranian regime. To avoid the worst consequences of crippling economic sanctions, Iran has instead turned to the lucrative practice of bitcoin mining to finance imports.

Although the central bank prohibits trading in cryptocurrencies mined abroad, it encourages bitcoin mining in the country with incentives.

About 4.5 percent of the world's bitcoin mining takes place in Iran, which could generate more than $1 billion (843 million euros) in revenue, according to analyst firm Elliptic.

In order for the crypto industry to flourish, Iran has offered cheap energy to licensed miners, but requires that all mined cryptocurrencies be sold to the Central Bank.

However, unlicensed mining consumes more than 2 GW from the national grid every day, causing power shortages.

To this end, Iranian authorities imposed a four-month ban on bitcoin mining until September 22.

Access Point/Access Point.
Boxes of equipment used to mine bitcoins were confiscated by police in Nazarabad, Iran. Access point/access point

India

India is becoming increasingly hostile to cryptocurrencies. On Nov. 23, the government announced its intention to introduce a new bill in India's parliament that would establish a new digital currency backed by the central bank and ban almost all cryptocurrencies .

Earlier this year, it considered criminalizing the ownership, issuance, mining, trading and transfer of crypto assets. Prime Minister Narendra Modi said he wants cryptocurrency "not to fall into the wrong hands, which could corrupt our youth."

Turkey

Many in Turkey have turned to cryptocurrency as the Turkish lira has plummeted in value. With one of the highest usage rates in the world, the introduction of regulations this year was quick as inflation peaked in April.

On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation banning the direct or indirect use of cryptocurrencies, including bitcoin, to pay for goods and services. The next day, Turkish President Recep Tayyip Erdogan went even further and issued a decree that cryptocurrencies are exchanged for a list of firms subject to anti-money laundering and terrorist financing regulations.

Vietnam

The State Bank of Vietnam announced that the issuance, delivery and use of bitcoins and other cryptocurrencies as a means of payment are illegal and subject to fines ranging from VND150 million (5,600 euros) to VND200 million (7,445 euros). ).

However, the government does not prohibit trading or holding bitcoins as assets.

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