A List Of Countries Where Bitcoin And/or Crypto Is Banned

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A List Of Countries Where Bitcoin And/or Crypto Is Banned

While Bitcoin and the cryptocurrency industry, in general, are making massive strides to become mainstream facilitators of payments and other services, they are still illegal in several countries. As the world and its institutions become more aware of the potential benefits of the technology, more countries are lowering regulatory barriers, however a number still outright ban digital currencies.

Illegal in any Shape or Form

Bitcoin and other cryptocurrencies are completely banned in the following countries:

  • Algeria – according to the state’s law, “the purchase, sale, use, and holding of so-called virtual currency is prohibited”.
  • Bangladesh – anyone caught using or owning Bitcoin or any other cryptocurrency will be jailed, according to the Bangladesh Bank.
  • Bolivia – all cryptocurrencies have been banned by the country’s Central Bank since 2014.
  • Cambodia – according to various state authorities, the use and propagation of cryptocurrencies is banned, except if a license is acquired.
  • China – the country which once had the highest number of Bitcoin miners declared crypto illegal since 2013, although certain territories under the country’s control, such as Hong Kong, can make exceptions.
  • Colombia – whilst there is no specific law banning Bitcoin and Altcoins, the Superintendencia Financiera informed the country’s financial institutions not to assist or work with individuals and companies trading in virtual money operations.
  • Ecuador – the country’s government banned the use of all cryptocurrencies whilst it introduced its own version which was tied to the country’s primary fiat currency, the dollar.
  • Egypt – commercial transactions made using Bitcoin are considered both illegal and religiously immoral by the country’s Islamic legislator.
  • Indonesia – as of 2018, the use of cryptocurrencies for payments became illegal.
  • Iran – the ban focuses primarily on banks dealing with customers or funds with links to cryptocurrencies.
  • Morocco – while the country currently bans the use of Bitcoin for payments and has issued stark warnings to residents, it appears that the state may be working on laws that will permit the use of crypto under certain conditions.
  • Nepal – in an unambiguous statement in 2017, the Nepal Rastra Bank declared Bitcoin and other cryptocurrencies as illegal.
  • Pakistan – all cryptocurrencies and digital tokens are banned, and banks cannot assist any clients who have issues or disputes relating to virtual currencies.
  • Taiwan – all forms of trading or payment with cryptocurrency is banned, as is the installation or use of a Bitcoin ATM.
  • Saudi Arabia – considered to be an implicit ban, the Saudi Arabian Monetary Authority is outspoken against the use of crypto, describing it as high risk.

Allowed, with Restrictions

Meanwhile, several other countries allow the limited use of cryptocurrencies, but users must be careful not to go beyond what is allowed.

  • India – banking ban on crypto, however, the government plans to use Blockchain technology to combat money laundering.
  • Jordan – banking ban on crypto.
  • Thailand – banking ban on crypto.
  • The United Arab Emirates – exchanges and ICOs are prohibited, but it is possible to get a license to trade crypto.
  • Vietnam – ban on using crypto for payments.

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