Ever since cryptocurrencies were created, they have been extremely controversial. Partly because of a lack of understanding, as the topic is difficult, and partly because of a certain “abstraction” – After all, cryptocurrency is some intangible value, not money as we know it and use it every day. Despite the doubts, more and more people are turning to cryptocurrencies, wanting to put their savings there. Because of their growing popularity, governments need to define how cryptocurrencies will work, whether they will be taxed, and whether they will even be seen as legal tender under the law. And this is what the biggest blockchain policy challenge is!
On the other hand, it’s worth remembering that not every country recognizes virtual tokens. You can read about which countries cryptocurrencies are completely banned below.
Algeria currently completely bans buying, selling, using or storing virtual currencies.
Cryptocurrencies have been completely banned in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning the use of currencies not regulated by the country or economic zone.
China is cleaning up cryptocurrency regulations with increasing intensity. 2021. Chinese officials restricted mining them domestically, as well as the exchange of cryptocurrencies themselves in China, as well as abroad. The government’s efforts to weaken cryptocurrencies have been equated with China’s attempt to introduce its own digital currency.
Dar al-Ifta in Egypt, the country’s main Islamic advisory body, issued a religious decree in 2018 classifying Bitcoin transactions as “haram,” a crime under Islam. Although the decree is not binding, Egyptian banking regulations were tightened in September 2020 to prevent the trading or promotion of cryptocurrencies without a license from the Central Bank.
The Indonesian Central Bank issued a rule completely banning the use of cryptocurrencies as a means of payment as of January 1, 2018.
Nepal Rastra Bank announced that cryptocurrencies have been illegal since August 2017.
North Macedonia is so far the only European country that has officially banned cryptocurrencies such as Bitcoin, Ethereum and others.
While technically cryptocurrencies are not legally banned in Russia, there is an ongoing process there to combat blockchain technology. Russia first enacted its legislation regulating cryptocurrencies in July 2020, which defined cryptocurrency as taxable property. In January 2021, a law went into effect that prohibits the country’s officials from owning any crypto-assets.
April 16, 2021. The Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies to pay for goods and services.
The State Bank of Vietnam has declared that the issuance and use of bitcoin (BTC) and other cryptocurrencies as a means of payment is illegal. However, the government does not ban trading cryptocurrencies or holding them as assets.