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Cryptocurrencies and bitcoins are banned in some countries. This is because they consider them a significant threat to their economy.
Bitcoin has brought anticipation to our lives across the world. The cryptocurrency revolution has taken over the world without any doubt. Several countries around the globe are gradually understanding the value and benefits of it. Of course, in terms of economies, and have regulated laws accordingly.
The most common adoption of cryptocurrencies, including the most famous ‘Bitcoin,’ has started. The countries that are not legalizing it are expected to be left behind in this fast-moving world. However, cryptocurrencies and bitcoins are banned in some countries. This is because they consider them a significant threat to their economy.
Introducing bitcoin will cause the countries to re-evaluate their set of laws that they are unwilling to make. So here is a list of the few countries that still have not legalized Bitcoin.
Using any cryptocurrency as a method for payment is not legalized in Kyrgyzstan up till now. This also includes Altcoin and Bitcoin. However, no law has been passed that restricts its residents from selling or buying Bitcoin.
Recently, criminal activities have been carried out by the Bolivian residents. That is why the country has once again banned cryptocurrencies within the country. A statement has been issued by the Central Bank of Bolivia. According to it, it remind the ban of cryptocurrency in the country constantly. This is because of the hidden pyramid scheme that was denounced later.
The Financial Intelligence Unit has started working in connection with the Computer Crime Unit of the Bangladesh police. The investigation includes the Bangladeshi residents selling or buying Bitcoin or any other cryptocurrency in the country.
The Central Bank of Iran has banned the official use of cryptocurrencies for financial transactions. This action is taken to ward off terrorism and money laundering. In addition, the measure was taken to control Tehran’s money market. This was done to take action regarding the lowest level of the current month.
The financial regulator of Nepal, Nepal Rastra Bank, has not legalized the operations with bitcoin. It has been banned as it is considered a threat to the economy of Nepal economy. After the arrest of a dozen people, his decision was confirmed, including the digital currency exchange management in Nepal’s territory.
Bank of Thailand issued a statement. It announced that the financial institutions to not indulge in transactions of bitcoin to avoid problems regarding irregular trade.
The central bank of Thailand stated that cryptocurrencies are not legalized due to the fear of being utilized in illegal actions. These can range from terrorism support or money laundering. However, in recent months, the Thai government has announced introducing a regulatory framework. This will ensure the legalization of most cryptocurrencies.
The government of India has also banned the use of cryptocurrency in its country. In addition, the state has also warned its residents regarding the risks and dangers of cryptocurrency and discourages the nation the use Bitcoin or other cryptocurrencies.
The government of Denmark has rejected the use of cryptocurrency and has announced that it will not regulate bitcoins from now. Regardless, people are using it as it is not banned in the region.