Following are the countries where Bitcoin (BTC) is prohibited

Syed AhadWeb Editor

14th Sep, 2021. 10:09 pm
Bitcoin

The legal status of bitcoin (BTC) and other alternative coins to BTC be different significantly from country to country, whereas, in a few, the bond stays to be correctly defined or is always changing.

In some countries, there have been boundaries on the way to the use of BTC, with banks banning their clients from making transactions of crypto. Other countries have banned the use of BTC and cryptos outright with massive penalties in place for everyone making cryptocurrency transactions

These are the countries that have forbidden the relationship with Bitcoin and other altcoins.

Algeria

Algeria presently ban the use of crypto following the passing of financial law in 2018 that made it prohibited to purchase, sell, use or hold virtual currencies.

Bolivia

Since 2014 bolivia has banned the use of BTC. The central bank of Bolivian allotted a resolution banning it and any other currency not regulated by a state or financial zone.

China

China has broken down on cryptocurrencies with a growing force during 2021. Chinese officials have frequently issued cautions to its citizens to stay clear of the digital asset marketplace and have compressed down hard on mining in the state as well as currency exchanges in China and overseas.

Colombia

Columbia is also not in the favour of BTC transactions. The Superintendencia Financiera warned economic institutions in 2014 that they might not “protect, invest, broker, or manage virtual money operations”.

Egypt

Egypt’s Dar al-Ifta, the state’s primary Islamic advisory body, issued a religious announcement in 2018, ordering BTC transactions as “haram,” something forbidden in Islamic law. Although not obligatory, Egypt’s banking laws were tightened up in September 2020 to stop trading or indorsing cryptos without a Central Bank license.

Indonesia

Bank Indonesia, the state’s central bank, allotted new regulations prohibiting the use of cryptocurrencies, including Bitcoin, as an income of payment from 1 January 2018.

Nepal

The Nepal Rastra Bank professed Bitcoin banned as of August 2017.

North Macedonia

North Macedonia is the first European country so far to have an authorized prohibition on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.

Russia

Whereas cryptocurrency isn’t forbidden in Russia, there is a continuing battle being waged against its use.

Russia approved its first laws to regulate cryptos in July 2020, which for the first time elected cryptocurrency as property legally responsible to taxation.

Turkey

Many in Turkey turned to crypto as the Turkish lira fell in value. With some of the peak levels of use in any place in the globe, the entrance of regulations was instant this year as inflation peaked in April.

Vietnam

The State Bank of Vietnam has declared that the issuance, supply, and use of BTC and other cryptocurrencies are prohibited as a means of payment and are subject to a sentence of fines going from 150 million VND (€5,600) to 200 million VND (€7,445).

Though, the government does not prohibit BTC trading or holding them as assets.

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