Bitcoin is a contentious asset for many people, particularly those in positions of power. The ability to print money is one of the most valuable powers a government possesses. However, bitcoin's ascension has not been without some significant speed bumps. Certain countries frown upon it because it is not backed by a central bank or government. We can't deny that emotions have played a role in driving cryptocurrency prices higher. The fear of missing out on big gains has kept the demand for bitcoin and other digital currencies high. Despite the fact that many governments around the world have adopted or at least regulated cryptocurrency, Here are some of the countries that have attempted to completely ban it.
Countries that have banned Bitcoin and other cryptocurrencies:
Bolivia's central bank officially banned any currency or coins that are not regulated by the government in June 2014. Bitcoin was one of the examples it gave. Bolivia's central bank also forbade citizens from denominating prices in any currency that had not been approved by the country's national institutions.
The first was in December 2013, when the People's Bank of China decided to prohibit Bitcoin due to its links to illegal drug and gun trafficking. The latest development has the potential to completely eliminate cryptocurrency trading and mining in the world's most populous country. Financial institutions are not allowed to facilitate bitcoin transactions. Financial firms are prohibited from holding or trading cryptocurrencies under current regulations. Regulation effectively banned cryptocurrency exchanges or trading platforms in September 2017, with 173 platforms shutting down by July 2018. The country, on the other hand, has begun developing its own cryptocurrency. When their cryptocurrency goes live, it's safe to assume that the trade embargo will be lifted.
Algerian law currently prohibits the use of cryptocurrency. Algeria's 2018 Financial Law prohibits the use of any cryptocurrency. It is illegal to purchase, sell, use, or possess so-called virtual currency. A virtual currency is one that is used by Internet users. It is distinguished by the lack of physical support such as coins, paper money, or check or credit card payments. Any violation of this provision will be prosecuted under the applicable laws and regulations. Bitcoin is currently a hot commodity in the financial industry. However, the lack of a central regulatory body to oversee it makes some countries wary of its use and existence.
Morocco has banned Bitcoin and other cryptocurrencies since 2017 due to concerns about the security risks of using "hidden" payment systems. "Financial transactions with foreign countries must be carried out through authorised intermediaries and with foreign currencies listed by Bank Al-Maghrib," according to the Moroccan Foreign Exchange Office. In Morocco, trading cryptocurrency is punishable by a fine. Despite the ban, Morocco is one of the four African countries where Bitcoin is traded the most, with Nigeria, South Africa, and Kenya trailing behind. Morocco is ranked 36th in the world for Bitcoin trading activity, and the top trader in North Africa, according to the data.
North Macedonia is the only European country that prohibits the use of cryptocurrencies such as Bitcoin, Etheruem, and others. Investing in cryptocurrencies is prohibited, and national banks have warned that crypto transactions are linked to criminal activity. The Central Bank also warned its citizens that speculating in cryptocurrencies is a risky business because the platforms where these transactions take place aren't governed by law.
Saudi Arabia joins other countries in order to ban certain or all of their country's use of Bitcoin. This creates unique problems because of their decentralised and anonymous nature for Bitcoin users and other cryptocurrencies. The Saudi Arabia Monetary Authority (SAMA). SAMA published a warning drafted on the trade-in unauthorised securities on the foreign exchange market by the SAMA Standing Committee. Financial institutions are warned from using bitcoin.
Government-issues notices about the pitfalls of investing in the cryptocurrency markets are one of the most common actions identified across the surveyed jurisdictions. The purpose of such warnings, which are mostly issued by central banks, is to inform the public about the difference between actual currencies, which are issued and guaranteed by the government, and cryptocurrencies, which are not. Many of the warnings issued by different countries also highlight possibilities for illegal activities such as money laundering and terrorism arising from cryptocurrencies.