Five Countries That Have Banned Cryptocurrencies

With cryptocurrency trend raging on like wildfire across the world, everyone wants to get into the game. Currently the world’s largest cryptocurrency Bitcoin is trading at a price of Rs 33 lakhh, while the second largest cryptocurrency Ethereum is trading at a price of about Rs 2.3 lakh. While in India, the system is letting these volatile currencies breathe, there are some countries that have completely closed their doors on cryptocurrency and have imposed a stringent ban on these digital tokens.

Here are five countries that have slammed down cryptocurrencies with an embargo:

China

Since the advent of these digital currencies, China has been brutal with its restrictions. The Xi Jinping-led CCP has cracked down on these digital tokens heavily, with the crackdown getting intense every year. To deal with the crypto giants like Bitcoin, China even introduced their own centrally-regulated digital currency called Digital Renminbi (RMB).

Bolivia

The government of this South American nation has put a complete ban on any currency that does not undergo the regulatory radar of Bolivia’s economic system. The Bolivian government took the decision citing possibilities of various ponzi schemes and criminal activities.

Indonesia

The Central Bank of Indonesia devised a new set of rules and regulations surrounding the promotion and trade of cryptocurrencies and put a complete ban on the digital tokens starting from January 1, 2018.

Turkey

Turkey was one of the countries that witnessed the maximum number of transactions before the central bank in the country imposed a new set of guidelines making it illegal to use cryptocurrencies, directly or indirectly, for any goods or services. The guidelines also included anti-money laundering and terrorism financing clauses.

Egypt

Adhering to Egypt’s primary Islamic advisory body, Dar al-lfta, the country considers any cryptocurrency transaction as ‘haram’ under the Sharia Law, strictly prohibiting it under Islamic law.

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