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- List of cryptocurrency bans in several countries
- China banned the cryptocurrencies with an intent to curb overseas transactions causing regulatory compliance evasion
- The Private Cryptocurrency Prohibition Bill of India stirred a massive debate around it
A cryptocurrency is a form of digital currency for purchasing goods and services. However, it uses a digital ledger with heavy cryptography to safeguard online transactions.
It had developed into a popular mode of payment. It offers better capacity and quicker settlement than other conventional financial structures.
Deal with cryptocurrency ban
However, a lot of countries are banning cryptocurrencies. A recent example would be an episode from Nigeria. On Friday, the Central Bank of Nigeria issued a circular. It released a document instructing banks to shut down the accounts of people or institutions involved in crypto-related transactions within their systems’ framework.
List of seven countries
Here are the few other countries that have parted ways from the crypto trading process on official terms:
China’s primary financial regulatory authority, The People’s Bank of China, sanctioned all native and foreign cryptocurrency exchanges in 2017. The ban was applicable all over the country. Even Chinese financial institutions abroad cannot deal and invest in cryptocurrency operations. The only objective is to curb overseas transactions causing regulatory compliance evasion. The government was against this sort of evasion as it raised the risks of fraud.
Bolivia’s Central Bank has banned bitcoin. Moreover, it also prohibited every other currency’s operations not administered by states, countries, and economic spaces. Bolivia’s government argues that the ban is essential to secure the status of the country’s currency: Boliviano. Besides, the government claimed that it was required to protect citizens from risks associated with unauthorized currencies.
The office of Morocco’s foreign exchange and the central bank banned access to cryptocurrency for activity in the country. The government also charges fines if any citizen gets caught engaging in any such transactions.
The Ecuadorian government also recently banned Bitcoin and all other digital currencies. Besides, the country’s central bank refutes permission to avail of the buying and selling service of cryptocurrencies online.
Iran’s central bank declared that it was forbidding all financial institutions from trading in cryptocurrency. The bank’s action came as a response to terrorism and money laundering in Iran.
Status of cryptocurrency in India and its neighboring countries
In Bangladesh, any participation in activities related to bitcoin is considered illegal. The ban was announced in 2017. The bank stated that cryptocurrencies violate various essential acts like the Foreign Exchange Regulation Act, 1947, and Money Laundering Prevention Act, 2012.
Bitcoin and other cryptocurrencies are illegal forms of financial services in Nepal since 2017.
The Indian government also recently issued a notice that announced a temporary prohibition on cryptocurrency in India on 29 January 2021. The Private Cryptocurrency Prohibition Bill, thus, created a massive debate around it.
Hence, our team at TheCoinRepublic organized an exclusive interview to decode the respective bill’s necessary details. The readers can watch the interview with Pareen Lathia, the AVP-Marketing at WazirX, here –
Thus, a robust debate exists as to whether cryptocurrency should be authorized in the form of legal tender. Also, its regulations invite a whole lot of opinions varying across different countries.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
