Bitcoins Banned in Different Countries

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Bitcoin has remained live in the media for various reasons. One key reason is being disliked by the government and banks. All thanks to being contentious for them when it comes to their power and potential in the market. It has the ability to print a number of money that makes it among the most valuable speed bumps. There are many more nations that have banned digital currencies, particularly bitcoin.  Well, we cannot just deny when it comes to emotions that have played a vital role in driving the digital currency in a big way. The fear of losing their monopoly has led many governments in different nations to ban Bitcoin. The fear of losing huge gains when it comes to demanding for bitcoin one can find several other digital coins also getting banned. How about checking the nations which have banned Bitcoin. If you want to earn passive income then you can start trading Bitcoin now.

Bolivia – One of the first countries to ban bitcoin is none other than Bolivia. The central bank in this country first voiced for banning it as they claim that it cannot be regulated by them or the law of the land. The ban came into effect in 2014 June, while Bitcoin remains among the best examples for them to ditch their economy that made them take this decision. The central bank of this country was quick to ban it for the use by the people and even forbid them to convert the same into any other currency. They can only operate in special approved conditions as per the top financial institutions of the country.

China – The next in this list include China which was banned in 2013 December by its bank called People’s Bank of China. They gave the reason stating that it has an illegal link between drugs and gun trafficking. One can find it to be the latest development taking place in the potential to completely reduce the digital currency that is seen trading and mining all across the world. There are several government-backed agencies who raised their voice against Bitcoin and its use. Many of the banks and financial companies have kept a ban on it. Thus both mining and dealing the same on different exchanges or in any trading platform has been banned since 2017. In September, 178 digital platforms were scanned and finally banned in 2018 that deals with digital currency.

Algeria = As per the Algerian law, one can find the use of digital currency to be banned in 2018. There is a Financial Law that prevents the use of digital currency. It is not legal to use Bitcoin when it comes to buying, selling, or possessing it in any form. This can be done with the virtual currency that has been used for so many users all across the world. It is therefore discriminated against with the lack of any support coming from the paper money or coins or even the use of any credit card payments. Any violation can help in reducing the prosecuted under different rules and regulations. Bitcoin has remained a hot product when it comes to the financial industry. However, when we see the lack of any central regulatory agency in order to avoid making any nation worry about its use and its presence, it is banned and cannot be used in any way.

Morocco – The next nation to ban this digital coin is Morocco that came into effect in 2017. The key reasons why they have banned this coin is the security concerns and risks involved in it, as one can see a hidden payment system done with the help of bitcoin. One can find a number of financial transactions taking place in different nations that are found illegal and with different foreign money as considered by their central bank called AL, Maghrib claims the Moroccan Foreign Exchange-based office. In this country, if you trade in Bitcoin or any other digital currency, you are penalized for the same. However, despite the ban, this country is one of the top nations in Africa where trade in Bitcoin or any other digital currency remains at the top. It is in fourth place after Nigeria, Kenya, and South Africa as they remain on the top in Africa.

These are not all, and we have other nations like North Macedonia, Saudi Arabia, and now India, which seems to have banned Bitcoin and other digital currencies that are coming in our way.