Countries where digital currencies are banned

in cryptocurrency •  3 years ago

Not all countries of the world have a wide vision of digital currency or "virtual currency" bitcoin. Western superpowers like the US and UK have shown a positive attitude towards new technology and some countries like Canada and Australia continue deliberating on what to do legally about bitcoin. However many others have already made their decision against bitcoin digital currency and in particular, so here we will list the ten places where you find more problems using bitcoin. We should note that not recognize or support the use of bitcoin and prohibit bitcoin are two different things. This article focuses on those countries that have considered the forbidden bitcoin, either in practice or legally.
The reasons for prohibition run the gamut, from fear and ignorance, protectionism of its national currency, through the construction of a new currency bitcoin image. The list generally is not above ten, but is subject to change as many countries have not taken an official for or against bitcoin decision. Some are prohibited by Central Banking system in the country, some are banned by the government of the nation, and in many countries by both agencies. These are the most outstanding nations that have declared forbidden bitcoin, listed in alphabetical order.

1. Bangladesh

The Central Bank of Bangladesh made the following statement: "Bitcoin is not a currency of any country. Any transaction via Bitcoin or any other crypto-currency is a punishable offense. "

2 . Bolivia

Bolivia, a country that sells the world its revolutionary character, seems to be very conservative in the use of money. The Central Bank of Bolivia said: "It is illegal to use any currency that is not issued and by a government or an entity authorized controlled."

3 . China

Although China is the country with the highest number of transactions Bitcoin, restriction of use bitcoin is directed to banks and its employees. However, change or undermine bitcoin is not illegal for ordinary users.

4. Ecuador

This is because Ecuador is building its own system of electronic money and do not want to Bitcoin as competition.

5. Iceland

Buy bitcoin would violate the Icelandic Foreign Exchange Act.

6. India

A bank policy does not allow exchange bitcoin exchanges by rupee (Indian currency), so it is not totally illegal, only that the exchanges can not work with domestic banks.

7. Russia

In practice, Bitcoin is prohibited although no law legitimizes the decision. Due to internal issues with the falling value of the national currency, not Russia frowns investment in "digital" coins.

8. Sweden

Sweden established regulations to undermine and negotiate with Bitcoin that although not prohibit the use of this cryptocurrency, may tend to do so in the future.

9. Thailand

The Bank of Thailand said in 2013 that bitcoin is illegal, although there are still companies in that country using this cryptocurrency.

10. Vietnam

The Central Bank of Vietnam said: "The bitcoin transactions are highly anonymous, so bitcoin can become a tool for crimes such as money laundering, drug trafficking, tax evasion, illegal payment".
#cryptocurrency #steem #financial #money #bitcoin
more
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I didn't expect Sweden to be on the list.

·

me neither

Very interesting 😃