Cryptocurrency has always been a type of currency where people and country due to the features that it provides are giving a thought to invest in it. Although certain countries across the world have forbidden any type of trading in cryptos telling their citizens the difference between real and crypto money. They are always taking the safe side for its citizens to protect them if there are any type of unallowed regulations on the part of the government. Due to the uncontrolled governance of the cryptocurrency, the governments are not happy to tender these types of currency for official use.
However, many countries have made different regulations to regulate cryptocurrency. On the other hand, some countries due to non-regulation have tried to completely ban it due to certain reasons like non-governmental control, and other reasons that make them give a thought to ban it. The topic is going to discuss the steps that have banned the operation of cryptocurrency in their country. You can read more from here about few things that impact the price of bitcoin.
-
CHINA
First time in the year December 2013, the native bank of China for the first-time banned Bitcoin due to having found its link with illegal activities like trafficking and drugs connection. As in developments the country is doing pretty good and has got potential to eliminate the evils like crypto trading. The institutions that are doing financial transactions dares to not allow the Bitcoin transaction. All financial transactions are not either allowed to hold or trade in cryptocurrency. In 2017 the regulation came into effect completely by shutting down all the platforms that have been trading in cryptocurrency.
To keep up with the cryptocurrency the country has developed its own cryptocurrency. It’s quite founding that whenever their own cryptocurrency will go on to operate the crypto ban might lift.
-
MOROCCO
In the same year as China, Morocco also banned cryptocurrency due to underlying security risks that had enabled the payments that were hidden in their respect. To trade in cryptocurrency is punishable in Morocco. Despite all the regulations and the ban, the country amongst the four African has been found to be the most active one to trade in cryptocurrency and further followed by Kenya. If we rank the country in terms of trading the country is ranked at number 26thin the world to have traded in Bitcoin.
-
BOLIVIA
Bolivia had banned the cryptocurrency in 2014, it was completely banned by its central bank and the same was seen when it banned Bitcoin in the country. The country also resisted its people from speculating about the currency that is not regulated by the bank or the government of the country.
-
NORTH MACEDONIA
North Macedonia is the only European country that has prohibited the trading of cryptocurrencies like Bitcoin, Ethereum and any other cryptocurrency. The national bank of North Macedonia has also warned its citizens to not do the crypto transaction as they found its link with some criminal activities and has further forbidden to not do any kind of speculations in this field just for the sake of earning profits and returns. Such restrictions in the country are due to non-regulation by the government in this field.
CONCLUSION
The topic talks about the country that has forbidden the usage and operation of cryptocurrency. The topic has given a list of countries that have not allowed their people to trade in cryptocurrency due to certain pitfalls in terms of its regulation. I hope the topic as per the current restriction has provided you with the countries that have restricted cryptocurrency usage.
