Countries that banned cryptocurrencies

By Lazybust | Learn anyway! | 3 Jan 2022


As we see growing need for digital currencies around the world and some real life use of those currencies, there are still some countries banned cryptocurrencies fully or partially. 

Here are some information I gathered and hoping might be helpful for all of you here!

 

Turkey

 

The country had worlds 4th highest cryptocurrency use rate due to inflation of Turkish currency in 2020 while digital currencies were highly unregulated.

However, 1st quarter of 2021 was when Turkey acted toward regulators. It was caused by collapsing of biggest crypto exchange in Turkey and founders were blamed fraud.

Turkey banned to use cryptocurrencies as payment and defined it as an asset.

 

India 

 

The government is planning to ban crypto currencies and launch its own digital currency. This would help to their central bank as some state. 

According to Reuters, the planned legislation will impose a "general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing" in digital currencies as a "medium of exchange, store of value and a unit of account."

 More details are not known yet but new rules are about to come 

 

Nigeria 

 

A place where crypto adoption is booming, in February Central Bank of Nigeria released a statement to all institutions engaged with transaction of crypto currencies to stop engaging with cryptocurrencies.

However, people find a different solutions and still, Nigeria, is one of the leading countries adopting digital currencies.

There are some saying that CBN is planning to release its own digital currency.

 

Algeria 

 

The government is planning total ban of Bitcoin and some cryptocurrencies for a long period of time now.

“Algeria hopes to establish a stricter control over this kind of digital transactions” is a statement we know for now.

 

Qatar 

 

According to a report crypto activity in Qatar is totally banned. The reason can be avoiding money laundering and financing terrorism. 

 

Although countries banning cryptocurrencies is not a good news for us there are still countries legally excepting digital currencies. I will list some of them with some info in my next post. So like and follow for more, you cypto-millionaires of 2022

FYI from net:

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Lazybust 

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