These countries have banned Bitcoin and rejected cryptocurrencies

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The decentralized function of bitcoins and cryptocurrencies has not made these countries happy.

The relationship between many world governments and cryptocurrencies is making headlines because of their discord. Around 2017 and 2018, Bitcoin saw its first upward trend, and governments around the world had noticed that the popularity of the cryptocurrency was increasing. At that point, the series of bans against Bitcoin began. At present, many powerful countries have banned Bitcoin and cryptocurrency trading in order to prevent the monetary authorities from losing power and to curb illegal activities.

Bolivia is the first country to ban Bitcoin in 2014

Bolivia’s central bank banned all forms of currencies that were not regulated by the government, such as bitcoins and cryptocurrencies, in June 2014. The authorities in Bolivia also forbade citizens to mention prices in other currencies that have not been approved by the national institutions of Bolivia. At the time of this ban, Bolivia was the only South American country that directly banned cryptocurrency to protect the local currency and investors. Ecuador followed Bolivia and imposed a similar ban.

Egypt bans Bitcoin trading for religious reasons

Egypt did not directly ban Bitcoin, but Islamic lawmakers prohibit all cryptocurrency transactions under Sharia law. The Egyptian authorities also consider cryptocurrencies to be harmful to national security and the economy.

China’s long history of bitcoin tug-of-war

In December 2013, the People’s Bank of China decided to contain Bitcoin when news of Bitcoin’s association with illicit drugs and arms trafficking came to light. And now, in 2021, China has banned bitcoins and all cryptocurrencies indefinitely and has imposed strict rules on cryptocurrency mining. The government has allowed local banks and cryptocurrency exchanges to cease all crypto-related activities.

Turkey prohibits bitcoin and crypto payments

Turkey has always had tough laws against cryptocurrencies, and the ban on bitcoin and crypto payments came as no surprise to locals. A lack of regulations and a central authority with a view to cryptocurrencies were the two main motives for this ban. The government also sees this as a huge risk for investors as the market is incredibly volatile.

Algeria banned bitcoin and cryptocurrencies, calling them “internet money”

In 2018 Algeria banned the use of all cryptocurrencies. According to the Arabic translation of the law, the reason for the ban was that virtual currencies do not lack physical support such as coins, paper money or payments by check or credit card.

Bitcoin transactions are prohibited in Bangladesh

In 2017, Bangladesh declared Bitcoin transactions illegal and individuals indulging in crypto trading allegedly violate the country’s money laundering prevention law.

Nepal arrested people for handling cryptocurrencies

Nepal was also among the countries that imposed a ban on cryptocurrencies in 2017. Shortly after this announcement, Nepal’s law enforcement agencies arrested seven people who ran a cryptocurrency exchange.

The UK bans the world’s largest cryptocurrency exchange trading bitcoins

Britain’s ban on the Binance exchange has rocked the cryptocurrency market. According to the UK Financial Conduct Authority, Binance Markets Limited is not allowed to engage in regulated activities in the UK. Binance has also been asked to notify UK users of the FCA’s restrictions on their website and app. This ban is due to the fact that Binance Exchange does not meet anti-money laundering requirements.

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