FIVE COUNTRIES IN WHICH BITCOIN IS ILLEGAL

For those who use it - whether to conduct transactions, to guard against a faltering national currency, or as a store of value - Bitcoin can be a blessing.

But this is not a feeling shared by all. From central banks to alarmist CEOs, the list of detractors beating down bitcoin seems to be getting longer each week.

Bitcoin fuels the wrath of some members of governments, with leaders who intervene around the world to stop the rise of cryptocurrency. While most governments are currently thinking about the possible implementation of a regulatory framework, others have gone further by passing laws banning the use of bitcoin altogether.

Legislators ... legislated

Whether because of fear, ignorance or protectionism, governments tend to legislate to guard against what they may perceive as a threat.

After all, the first prerogative of a government is to govern, and any disruptive technology that would erode their power is likely to face new rules designed to regulate its use.

Some governments, who "understand" bitcoin - and who favor it - have passed laws that protect citizens while facilitating free trade with this digital currency. This is the case, for example, in Japan, where a growing number of merchants are beginning to accept Bitcoin payments after the government has put in place a flexible and clear regulatory framework.

Bitcoin PrisonBut not all governments are so tolerant of new technologies - technologies that can potentially challenge the scope of their prerogatives.

We know that in some countries, repression is tough when it comes to cryptocurrencies. Citizens were seized their assets, while others were thrown in prison.

But even if governments have the ability to pass laws against such activities, they find themselves helpless against a technology as decentralized as the blockchain, which no one can prevent from spreading.

Prohibit Bitcoin?

Bitcoin forbiddenBut the prohibition of drugs, alcohol or even the internet, the prohibition of bitcoin seems, for some, absurd and inapplicable.

And yet, such a ban can be found in 5 countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Nepal.

For the latter, we can cite the case of two Nepalese entrepreneurs, who were suddenly thrown into prison for having created a small cryptocurrency exchange platform in their country.

En Amérique du Sud, Bitcoin rime bien souvent avec Venezuela. En effet, les populations de la “Terre de Grâce” se sont tournées vers les crypto-devises car elles représentent un refuge face à une inflation galopante et une économie défaillante.

Mais le Venezuela est l’un des premiers à s’être opposé aux devises numériques : la banque centrale bolivienne avait interdit le bitcoin dès 2014. Depuis, la police veille, et mieux vaut rester discret lorsqu’il s’agit de crypto-monnaie.

De vente libre à économie souterraine

For many libertarians, prohibition, as evidenced by decades of failed policies, does not put a stop to vice, be it drugs, alcohol or bitcoin. It would only encourage illegal trade, exposing its protagonists to increased risks while promoting the action of unscrupulous actors.

Last year, Bolivia found out at its expense following a digital currency swindle in which investors were promised 300% profit in 60 days. The pyramid system collapsed quickly, leading to aggressive riots in the streets of El Alto.

Meanwhile, Ecuadorian neighbors have banned bitcoin, not because they oppose digital currencies, but because they have amoebo to control them, to incorporate them into the Ecuadorian dollar.

"The electronic money was designed to support the monetary plotting of dollarization," said an economist affiliated with the government.

Kyrgyzstan, a tiny landlocked state in Central Asia, and Bangladesh, complete the list of countries that have banned bitcoin.

In 2014, the Bangladesh Bank stated that anyone using these currencies could be imprisoned - it generally accused them of money laundering.

"The Right to HODL"

Bitcoin Tank ZimbabweIt seems that when the authority of a government collapses, the use of crypto-currencies becomes simpler.

This is the case, for example, in Zimbabwe, where, as a result of the recent military coup, the regulation of bitcoin no longer seems to be the focus of concern. At the same time, people are seizing a safe-haven cryptocurrency, while Bitcoin has recently surpassed $ 13,500 on the only existing Zimbabwean exchange platform.

The situation seems quite different in the developed countries. Sometimes we are offended by some criticism of Bitcoin from financial figures or government leaders, whereas for the time being we have the right to buy, sell, trade and hold all the crypto-currencies that are offered on the markets.