7 Countries Where Cryptocurrency (Bitcoin, etc) Has Been Banned

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Disrupting an already-set system is definitely not an easy task. It’s never really been a smooth journey for Bitcoin, even as it expands its coverage around the world. Bitcoin has had several run-ins with the central regulatory authorities of different countries (including Nigeria). 

This article is a list of seven (7) countries who took early steps to ensure that the ever-expanding reach of cryptocurrencies does not impact their country’s economy in any way. 

Without their approval, anyway, the influence of cryptocurrencies/crypto-trading has gained a lot of traction in a short time. After this, the crypto world, led by Bitcoin, eventually turned into a global phenomenon. You might also want to leverage the benefits of crypto trading through the Official Trading Site today. The platform simply helps you navigate through the process way more seamlessly.

Countries That Have Prohibited Cryptocurrency

Here is a list of 7 countries that enforced an official ban on bitcoin trading within their country:

Algeria 

Algeria has been in the spotlight for quite some time now after having completely banned the use of bitcoin in the country. In 2018, the Government of Algeria officially made the use, trading, owning, selling, or dealing in cryptocurrency of any kind illegal.

Bolivia 

Earlier than any country in the world, Bolivia had already placed a ban on all dealings in cryptocurrencies since 2014. This coincides with the period when Bitcoin was created. The Central Bank of Bolivia has made it clear on several occasions that trading and dealing in cryptocurrencies is a punishable offence. 

To make matters even tougher, the country took further steps to ban all activities associated with any digital asset.

China 

China, the second largest economy in the world by GDP, is also stern on crypto dealings. The country is widely renowned for cracking down on the use of cryptocurrencies across its borders. The Government of China has opposed calls for mere mild regulations several times, as they don’t want anything that seems like cryptocurrency in their economic setup.

Issuing warnings against the usage is one of the major tactics that the communist party government is known for. However, it is rumoured that China may be willing to float their own centralized and government-regulated cryptocurrency. 

Colombia

The financial institutions that are currently operating in Colombia have already been issued warnings of restraining from entertaining any bitcoin transactions. The warnings against the use of digital assets and cryptocurrency came in early 2014. The country was concerned about the fact that it may not be able to invest, protect, maintain and manage all the operations induced from the virtual money. 

Egypt

The predominant Islamic advisory body of Egypt, ‘Dar-Al-Ifta,’ restricted the people of Egypt from using the digital assets as such cryptocurrencies interfered with their Islamic ideologies.

The decree was made in 2018, which explicitly mentioned that Bitcoin transactions destroy the Islamic laws as they are “Haram.”. This effectively ended the prospects of crypto in Egypt. These laws made it mandatory for anyone promoting and trading in the cryptocurrency to get a Central Bank Licence.

Indonesia 

The January 2018 crypto prohibition laws in Indonesia, backed by Bank Indonesia (Indonesia’s Central Bank), forbids anyone from dealing and trading in cryptocurrency,  

India 

India is widely renowned for being increasingly firm on forbidding cryptocurrencies in its financial ecosystem. The approx. 1.4 billion people-country reiterated that it will not tolerate any transaction that has to do with Bitcoin/cryptocurrency, and they have also made this offence criminal.

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