Countries that banned cryptocurrencies [Dec 2019 Updated]

Many countries are trying to suppress the bitcoin evolution by making it illegal to hold or use. But even in countries where bitcoin and other digital currencies have banned, the use of the leading cryptocurrency has only increased.

As the awareness and adoption of bitcoin increased this year, several countries passed laws banning cryptocurrencies or their use. However, most of the countries have not made their minds, and the use of bitcoin is still in the grey area. But some countries have made the use of bitcoin completely illegal.

As bitcoin continues to revolutionize the financial system as we know it, authorities in power are trying everything to suppress the inevitable revolution. One way that regulators are trying to slow down bitcoin adoption is making it illegal. 

 

Following is the list of countries where the use of bitcoin is illegal:

1. Afghanistan

Currently, it is unlawful to possess bitcoin in Afghanistan, and it is not considered as a legal tender in the country. There are no crypto exchanges in the country, and it is prohibited to take part in an ICO. 

 

2. Pakistan

In April 2018, the central bank of Pakistan announced that bitcoin and cryptocurrencies are banned in the country, and banks will not facilitate any transaction for them. 

 

3. Nepal

On 13 August, 2018 Nepal Rastra Bank declared bitcoin and other cryptocurrencies as illegal. 

 

4 . Algeria

In December 2017, Algeria passed a law that made bitcoin and other cryptocurrencies entirely illegal. The purchase, sale, use, or even holding cryptocurrency is punishable by the law.

 

5 . Bolivia

The country banned the use of cryptocurrencies back in 2014. The country banned bitcoin because of its potential use for illegal activities. 

 

6 . Bangladesh

In September 2014, the central bank of Bangladesh announced that anyone caught using cryptocurrency will face jail time under the country’s anti-money laundering laws.

 

7 . Ecuador

The Ecuadorian government issued a ban on bitcoin and other cryptocurrencies as the country is planning to roll out its own digital currency that would be backed by the national currency of the country.

 

8 . Egypt

“Egypt’s Dar al-Ifta, the primary Islamic legislator in Egypt, issued a religious decree classifying commercial transactions in bitcoin as haram (prohibited under Islamic law).

 

Several countries are planning to make the use of bitcoin in the future or where the use of bitcoin is in a grey area. 

 

Here are some of the countries where bitcoin is banned but not entirely:

1 . India

In 2018, the Reserve Bank of India announced that no bank would provide any service to facilitate cryptocurrencies. But lawmakers proposed a bill that would criminalize the use of bitcoin and other cryptocurrencies in the country. 

 

2 . Colombia

The financial institutes in the country are prohibited from providing any services to crypto-related activities. The Superintendencia Financiera warned financial institutions in 2014 that they may not protect, invest, broker, or manage cryptocurrency operations.

 

3 . Jordan

The government of Jordan issued a warning discouraging the use of cryptocurrencies and announced that bitcoin is not a legal tender. However, there is no law that prohibits the use of bitcoin or makes it illegal. 

 

4 . Indonesia

Citizens of Indonesia are allowed to trade bitcoin and other cryptocurrencies, but it is not a legal tender in the country. 

 

Bitcoin is an inevitable revolution as it is decentralized in nature, so it becomes impossible for authorities to ban it. Regulators have cited that bitcoin facilitates illegal activities and is therefore dangerous. Several countries have acknowledged the power of bitcoin and decentralized cryptocurrencies and allowing the space to grow. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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