Sirwin
Sirwin

Why do some countries BAN crypto?

By Justufak | Worldwide Crypto | 11 Sep 2022


The idea of digital currency dates back to 1990 with eCash created by David Chaum's. The known p2p digital currency made its debut in 2009 introducing the concept of a financial decentralization to the world. Tax authorities still debate on how to control Crypto and some people wonder if they can use CRYPTO. 

WHAT ARE THE COUNTRIES THAT HAVE BANNED CRYPTO?

  • Algeria
  • Bangladesh
  • Bolivia
  • China
  • Colombia
  • Egypt
  • Indonesia
  • Ghana
  • Iran
  • India
  • Iraq
  • Kosovo
  • Mexico
  • Nepal
  • North Macedonia
  • Russia
  • Turkey
  • Vietnam

CAN YOU USE CRYPTOCURRENCY?

The answer to this is yes, or is it?

Well that depends some countries including China and Egypt have made usability of cryptocurrency illegal. Do the people care though? No, not really in Egypt it is said that more 1.6M own some sort of Cryptocurrency but they can not use it to buy goods from stores.

WHY IS IT ILLEGAL?

Some Islamic countries BAN the use of Crypto because it is considered Haram (something that is prohibited under the Islamic law) but in some other countries it is banned because it is easy to tax evade using crypto.

I myself do not know why is it Haram since I'm not a Muslim but from my research I have found that there are very debatable articles that consider Crypto Haram and other articles that don't. 

ARE THERE ANY COUNTRIES THAT ARE CONSIDERING TO UNBAN CRYPTO?

Haven't really found anything from the other countries but about Egypt, it is said that they will lift the Cryptocurrency ban along with some other prohibited Islamic rules since the Christian population has been expanding.

How do you rate this article?

12


Justufak
Justufak

My name is Youssef. I love talking about crypto and teaching people how to get financially stable in their life.


Worldwide Crypto
Worldwide Crypto

Crypto News around the world

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.