List of Countries where Cryptocurrency is banned or restricted

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India

oi-Deepika S

| Published: Wednesday, November 24, 2021, 11:34 [IST]

New Delhi, Nov 24: The government is all set to introduce a bill to ban few private cryptocurrencies in India, while allowing an official digital currency by the RBI. This is among the 26 other legislation, including the repeal of three farm laws, listed for the winter session of the parliament.

The draft Bill bans the use of cryptocurrency as legal tender or currency. It also prohibits mining, buying, holding, selling, dealing in, issuance, disposal or use of cryptocurrency. Mining is an activity aimed at creating a cryptocurrency and/or validating cryptocurrency transactions between a buyer and seller.

All you need to know about the new cryptocurrency bill that seeks to ban private players

In particular, the use of cryptocurrency is prohibited for: (i) use as a medium of exchange, store of value or unit of account, (ii) use as a payment system, (iii) providing services such as registering, trading, selling or clearing of cryptocurrency to individuals, (iv) trading it with other currencies, (v) issuing financial products related to it, (vi) using it as a basis of credit, (vii) issuing it as a means of raising funds, and (viii) issuing it as a means for investment.

Let’s have a look at countries that have banned and restricted the Use of Cryptocurrencies:

Nepal: Mining and trading of cryptocurrencies are illegal in Nepal. Cryptocurrency trading and mining and encouraging the illegal activities is punishable as per existing laws, as per Nepal regulations.

China: China has been cracking down on bitcoin in September, outlawing all crypto-related trading activities at home and banning foreign exchanges from doing business with the mainland investors. The country came up with centrally-regulated digital currency called Digital Renminbi (RMB).

Vietnam: Issuance, supply, and use of Bitcoin and other cryptos are illegal Vietnam.

Colombia: The country has warned financial institutions that they may not “protect, invest, broker, or manage virtual money operations”.

Russia: Bitcoin is not regulated in Russia, and its use as payment is considered illegal.

Ecuador: Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.

Bolivia: The use of virtual currencies is prohibited in Bolivia. The Bolivian government took the decision citing possibilities of various ponzi schemes and criminal activities.

Algeria: Currently, the use of cryptocurrency is prohibited in Algeria. A financial law in 2018 that made use of cryptocurrencies illegal to buy, sell, use or hold virtual currencies.

Egypt: Use of all types of cryptocurrencies, including Bitcoin transactions is considered ‘haram’ in Egypt.

Indonesia: Country’s central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment.

Bangladesh: Bangladesh does not allow cryptocurrency trading, as it goes against the country’s financial regulations and laws, specifically the Foreign Exchange Regulation Act of 1947, the Money Laundering Prevention Act of 2012, and the Anti-Terrorism Act 2009.

Story first published: Wednesday, November 24, 2021, 11:34 [IST]