header banner
Default

An Index of Nations Prohibiting Bitcoin


svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTYwMCA5MDAiIHdpZHRoPSIxNjAwIiBoZWlnaHQ9IjkwMCIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj48L3N2Zz4=

Cryptocurrency is a decentralized digital form of currency that operates on a peer-to-peer network. However, not all countries have embraced this new form of currency, and some have even decided to ban it outright. In this article, we provide an overview of the countries that have banned cryptocurrency and the reasons behind their decisions.

Countries that Have Banned Cryptocurrency:

#1). China

China, the largest crypto market in the world, has taken a hard stance against cryptocurrency since 2017 when it banned initial coin offerings (ICOs) and domestic crypto exchanges. In 2021, China intensified its crackdown by banning crypto mining, citing concerns about carbon emissions and financial stability. The country has also banned financial institutions and payment platforms from providing crypto-related services and warned its citizens against engaging in crypto transactions. China’s primary motivation for banning crypto is to maintain its financial stability and control over its monetary system, as well as to curb illicit activities such as money laundering and tax evasion.

#2). Egypt

Egypt has declared cryptocurrency as forbidden under Islamic law, citing speculation, gambling, and interest as the reasons for the ban. The Grand Mufti issued a fatwa in 2018 that prohibited the use of Bitcoin and other cryptocurrencies, saying they are “harmful to individuals, groups, and institutions”. Egypt’s central bank has also warned against dealing with crypto, citing security and legal risks.

#3). Iraq

Iraq has banned cryptocurrency on religious grounds and for security reasons. In 2018, Iraq’s central bank issued a statement that prohibited the use of crypto in any form, citing that it violates the principles of Islam and poses a threat to the stability of the national currency and the financial system. Iraq also fears that crypto could be used to fund terrorism and extremism in the region.

#4). Qatar

Qatar has banned cryptocurrency trading and payments since 2019, when its central bank issued a circular that prohibited financial institutions from dealing with any digital asset. Qatar’s main concern is that crypto could facilitate money laundering, terrorism financing, and tax evasion, as well as undermine its efforts to combat inflation and preserve the value of its currency, the Qatari riyal.

#5). Oman

Oman has also banned cryptocurrency, following in Qatar’s footsteps in 2019 by issuing a similar circular that forbade financial institutions from dealing with any virtual currency or token. Oman’s central bank cited the same reasons as Qatar for banning crypto, namely the high risks of fraud, cybercrime, and volatility.

#6). Morocco

Morocco has banned cryptocurrency transactions since 2017 when its foreign exchange regulator issued a notice that warned against the use of any digital currency that is not backed by legal tender. Morocco’s primary reason for banning crypto is to protect its citizens from potential losses and scams associated with unregulated and anonymous transactions.

#7). Algeria

Algeria has banned cryptocurrency since 2018, when it passed a law that prohibited the possession and use of any virtual currency. Algeria’s law stated that any violation of this ban would be punishable by fines and imprisonment. Algeria’s main reason for banning crypto is to prevent its citizens from evading taxes and capital controls, as well as to protect them from the high volatility and security risks of crypto markets.

#8). Tunisia

Tunisia has banned cryptocurrency since 2018, when its central bank issued a statement that warned against the use of any digital asset that is not authorized by the state. Tunisia’s central bank said that crypto poses a threat to the stability of the national currency and the financial system, as well as to the security of consumers and investors. Tunisia also cited the lack of regulation and supervision of crypto activities as a major concern.

#9). Bangladesh

Bangladesh has banned cryptocurrency since 2017, when its central bank issued a notice that prohibited the use of Bitcoin and other cryptocurrencies for any purpose. Bangladesh’s central bank said that

exchange comparison

Conclusion

Although cryptocurrency has gained popularity among enthusiasts, it has faced opposition and bans from several countries. The reasons for these bans range from maintaining financial stability to religious and legal grounds. As the cryptocurrency landscape continues to evolve, it remains to be seen whether more countries will follow suit and ban it outright.

CryptoTicker Podcast

Every Wednesday going forward, you can tune in to the Podcast on Spotify , Apple and YouTube. The episodes are perfectly tailored for a duration of 20-30 minutes to quickly and effectively familiarize you with new topics in a fun setting on the go.

Subscribe & never miss an Episode

­­­­­Spotify– ­­Amazon – ­­Apple – ­­YouTube

Recommended posts

VIDEO:

  • PEPE Coin Price to Reach $5 in the Next Seven Days?

    PEPE Coin Price to Reach $5 in the Next Seven Days?

  • Top 5 Countries Where Crypto Trading Is Illegal

    Top 5 Countries Where Crypto Trading Is Illegal

  • The Actual Panorama of the Virtual Money in India

    The Actual Panorama of the Virtual Money in India

  • Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?

    Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?

  • Is Bitcoin Mining Illegal? Here’s Everything you Need to Know in 2022

    Is Bitcoin Mining Illegal? Here’s Everything you Need to Know in 2022

  • Bitcoin Mining: China Has Sought Public Opinion For Unbanning

    Bitcoin Mining: China Has Sought Public Opinion For Unbanning

  • China’s Potential Crypto Ban Lift Could Trigger Crypto Market Explosion?

    China’s Potential Crypto Ban Lift Could Trigger Crypto Market Explosion?

  • US Bank Wells Fargo Bans Cryptocurrency Purchases With Its Credit Cards

    US Bank Wells Fargo Bans Cryptocurrency Purchases With Its Credit Cards

  • What Is Crypto Mining? Earn Profits From Mining With These Steps!

    What Is Crypto Mining? Earn Profits From Mining With These Steps!

  • US Sanctions Virtual Currency Mixer Tornado Cash: What Will Be The Impact of This Crackdown?

    US Sanctions Virtual Currency Mixer Tornado Cash: What Will Be The Impact of This Crackdown?

  • China FUD: People’s Bank Declares Crypto Transactions Banned

    China FUD: People’s Bank Declares Crypto Transactions Banned

  • 10 Years Jail term for trading cryptocurrency in India

    10 Years Jail term for trading cryptocurrency in India

  • India Crypto Community Files Petition to Government for Regulation

    India Crypto Community Files Petition to Government for Regulation

  • Taxes on Bitcoin: Illogical or Necessary?

    Taxes on Bitcoin: Illogical or Necessary?

  • Indian Supreme Court ruling against cryptocurrencies further delayed

    Indian Supreme Court ruling against cryptocurrencies further delayed

  • What Is Crypto Tax And Crypto Regulation?

    What Is Crypto Tax And Crypto Regulation?

  • India Crypto Ban leads to another Exchange shutting down

    India Crypto Ban leads to another Exchange shutting down

  • Is Bitcoin Legal?

    Is Bitcoin Legal?

  • Why Bitcoin can’t be banned?

    Why Bitcoin can’t be banned?

  • Top 5 Cryptocurrency Tax Software

    Top 5 Cryptocurrency Tax Software

  • Vietnam to Ban Import of Cryptocurrency Mining Equipment

    Vietnam to Ban Import of Cryptocurrency Mining Equipment

  • Crypto-tokens: The future of Indian Crypto-Finance

    Crypto-tokens: The future of Indian Crypto-Finance

  • Vietnam Confirms Ban of Crypto Miner Imports

    Vietnam Confirms Ban of Crypto Miner Imports



You might also like


More from Bitcoin

BlackRock got 0K Seed for Bitcoin ETF

BlackRock has recently received $100,000 for its Bitcoin ETF, signaling a significant development in the world of cryptocurrency investments. This …

Bitcoin Soars 19-Month High: What’s Next for Bitcoin?

Bitcoin reaches a remarkable 19-month high, showcasing significant growth and sparking discussions about its potential to achieve new record highs …

Bitcoin Price Prediction Before 2023 Ends

Approaching the end of 2023, Bitcoin has experienced a remarkable recovery, surging by 120% from its starting price and reaching …

Sources


Article information

Author: Christopher Wright

Last Updated: 1704221042

Views: 1033

Rating: 4.6 / 5 (58 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Christopher Wright

Birthday: 1998-12-03

Address: 3978 Hayes Plains Apt. 611, Singletonport, CO 39297

Phone: +3601927596286144

Job: Medical Doctor

Hobby: Cocktail Mixing, Camping, Archery, Surfing, Reading, Playing Chess, Telescope Building

Introduction: My name is Christopher Wright, I am a vibrant, candid, unreserved, audacious, lively, unwavering, welcoming person who loves writing and wants to share my knowledge and understanding with you.