As you might already know, the cryptocurrency did not have a very smooth start. Many people have started to become more accepting of the field of Bitcoins. There are other cryptocurrencies that followed up with Bitcoins after its initial launch in 2008. Bitcoins and other cryptocurrencies are widely criticized all over the world for being extremely volatile. This has been a factor which is quite given because of the absence of regulation. Bitcoins have taken a huge amount of time to become safe areas for investors to get in. Despite all of these factors, there are investors who are quite scared about the consequences. As a result, cryptocurrencies are banned in many places around the globe. But if you want to get into trading, then get started now.
People have started to get into the crypto trade without knowing the legal status of the currency. Many countries do not have any kind of formulated rules about any kind of cryptocurrency, let alone Bitcoins. The rules alter quite a lot from one country to another. The entire relationship continues to change quite a bit in the dynamics of legal and monetary status.
Some countries have issues with the ways in which Bitcoins are used. Some are altogether against the entire idea of cryptocurrency as a whole. Some of the governments are scared that since Bitcoins are not regulated, they might cause severe loss in the country’s financial conditions. All of these have contributed to the failure of acceptance of cryptocurrencies in certain nations across the world.
Let us check out some names which have fraught relations with Bitcoins or cryptocurrencies of any kind.
China
- China has been very strict about its restrictions on cryptocurrency in the market.
- The digital tokens have been brought down quite swiftly by the government.
- The restrictions are becoming stricter with each day on the cryptocurrencies which are already introduced.
- The nation runs on the ideology of communism which prevents the decentralization of assets.
- In order to cater to the tech enthusiasts of the nation, China has introduced its centrally regulated digital asset. This is known as Digital Renminbi.
Egypt
- The main advisory body of Egypt, Dar al-Ifta, which runs on the Islam rules, gave the rule that Bitcoins are “haram”.
- This means that if anyone tends to use Bitcoins for their banking measures, they are likely to end up in jail for religious reasons.
- The concept of haram is similar to that of hell.
Bangladesh
- Crypto trading is completely forbidden in Bangladesh because of the prevailing norms of finances in the nation.
- Crypto traders can be arrested in Bangladesh if they are found in the act.
Algeria
- The laws of Algeria have prevented the use of cryptocurrency for a very long time.
- The laws had been passed in 2018 which now prevent any kind of transaction with Bitcoins or any kind of cryptocurrency in the market.
Russia
- The central bank of Russia had mentioned quite clearly in September of 2017 that buying or selling cryptocurrency is completely illegal.
- Any kind of market site which has dealt with the prospect of Bitcoins has been banned in Russia.
- However, the recent statements of Putin have indicated that Russia might be investing in Bitcoins quite soon.
Colombia
- The financial institutions of Bolivia had been warned in the early days of 2014 that they will not be allowed to deal with cryptocurrencies.
- The brokers and investors are very strictly warned against any kind of involvement with cryptocurrency in general.
Bolivia
- Bolivia had banned the use of cryptocurrency in the year 2014.
- The central banks had completely forbidden the use of Bitcoins as it may destabilize the natural financial state of the country.
Turkey
- The central bank of Turkey was quite late in imposing the laws against cryptocurrencies.
- Before the laws were imposed, it was one of the nations which had the highest number of transactions with Bitcoins.
- The guidelines have been related to the cases of money laundering and terrorism as well.
Morocco
- The foreign exchange sector of Morocco has been quite strict about the transaction of virtual assets.
- Bitcoins have been traded in Morocco even after the ban.
- It had been decided that Morocco might bring special conditions for any kind of crypto trade in the future.
Indonesia
- New sets of rules have been devised by the government of Indonesia to ban the use of digital tokens from 2018.
Conclusion
The countries which follow the rules of Islam have also banned the use of cryptocurrencies. The lack of momentum in finances has been observed in these countries as well.
