In this article, I am concluding on my research made at the end of last year (2019) regarding the behavior of governments and banks on cryptocurrency markets and on the blockchain technology. Below are some conclusions, and I’d like to have your pertinent opinion at the comments section. Thank you.  

Eligibility

Cryptocurrencies, Blockchain, and Bitcoin are generally welcomed in most parts of the globe. However, some countries have actually banned the cryptocurrency use. Some leaders and politicians do not have time to understand it and some are even ignorant.

Apropos about politicians, I remember many years ago when I was managing a transport company with over 100 truck drivers, there was a saying about types of people existing on the planet: good people, bad people, and chauffeurs! 

Now, the politicians, who rule countries and should issue appropriate regulations, seem to be this kind of people. It looks like we have today: good people, bad people, and politicians, who cannot be classified in any category! :) 

As a result of this catastrophic power structure, as the proper regulations aren’t yet approved, there are few countries which decided to declare Bitcoin not welcomed. As far as I found out, the countries where cryptocurrencies are banned include: Afghanistan, Pakistan, Algeria, Bolivia, Bangladesh, The Republic of Macedonia, Saudi Arabia, Qatar, Vanuatu, Vietnam. If you live in one of these countries and things are now changed, please let us know. 

There are also countries where bitcoin is restricted and cannot be traded or used for payment, where banks and financial service providers are prohibited from dealing with cryptocurrency exchanges and companies, and in more extreme cases, the countries have even banned crypto exchanges: China, India, Ecuador, Indonesia, Morocco, Zambia, Nepal, Egypt, American Samoa.

Banks

Regarding banks, which is a special case, in the European Union there are only few of them that are accepting crypto payments (I know one in Lithuania, one in Liechtenstein, and one in Estonia that declares accepting crypto payments but is not so real in practice). The rest of bank managers are afraid to deal with crypto and blockchain projects because of their country central bank regulations; these country central banks are subject to the rules of the European Central Bank (ECB).

If the bank manager is scared to hear about crypto, he will refuse to accept such transactions. Nevertheless, few brave managers have the courage to do things right regarding crypto and blockchain. I am waiting for the experience of opening a blockchain bank account in Lithuania and in Liechtenstein, and will come back with the news (good or bad) after is done.

Despite the restrictions imposed, these laws have not eliminated crypto trades and usage. Cryptocurrencies being decentralized, it is impossible to forbid them. Many individuals in those countries still make use of platforms like Local Bitcoins, Paxful or Bisq to trade it with others, as indicated by the trading volumes on these platforms. 

Blacklisted Nations

In May 2019 the European Commission adopted a list of countries it says has weak anti-money laundering and terrorist financing rules, and urged banks to increase customer due diligence checks on customers and firms from the blacklisted states.

The blacklisted jurisdictions are: Afghanistan, American Samoa, The Bahamas, Botswana, Democratic People’s Republic of Korea, Ethiopia, Ghana, Guam, Iran, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Saudi Arabia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, US Virgin Islands, Yemen.

Compliance

Know Your Customer (KYC) and Anti-Money Laundering policies (AML) are critical, which is why we build solutions that offer greater visibility into and control over cross-border settlement. Failure to comply with the KYC/AML procedures and routines applicable to the purchase of cryptocurrencies and  tokens shall prevent the purchase of them. This is bad for our privacy, but it is impossible to manage a company without some important rules to be followed, otherwise would be a disaster for the business. Finally, for doing business in any country you MUST trust someone! If I wouldn't trust Publish0x Creators, I wouldn't be here! And you too! However, I also like very much the decentralization aspect of the blockchain technology! I call this the paradoxical blockchain.  

Privacy – GDPR & CCPA

Officially, the General Data Protection Regulation (GDPR) is designed to protect the privacy of European Community citizens, ensure their personal data is not exported outside the EU and give them control of how the data is used. But who knows if we can trust those who issued and control the GDPR. However, it is good to have regulations and do not go wild. Also, in the USA, the California Consumer Privacy Act (CCPA) is a state statute intended to enhance privacy rights and consumer protection for residents of California. 

Hope this general info will help some of you, whether you live in a banned country or not. And I hope more and more country leaders and politicians will start saying: "Bitcoin accepted here, in my country!" 

References:

• Cryptonews, Banned Bitcoin countries https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
• The European Union Prospectus Regulation: https://eur-lex.europa.eu/eli/reg/2017/1129/oj
• European Union Prospectus Regulation in Romanian language  https://eur-lex.europa.eu/legal-content/RO/TXT/?uri=CELEX:32017R1129
• GDPR: https://en.wikipedia.org/wiki/General_Data_Protection_Regulation

My research was made in 2019, and if some of the rules were changed in the meantime in your country, please let me know and I’ll adjust that, hoping, good news! Thanks.