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5 countries banned cryptocurrencies

Cryptocurrency trends are rampant around the world like wildfires, so everyone wants to get involved in the game.Currently the largest cryptocurrency in the world Bitcoin Is trading at a price of 33 rupees, while the second largest cryptocurrency, Ethereum, is trading at a price of about 2.3 rupees. In India, the system is breathing these volatile currencies, but in some countries the cryptocurrency doors are completely closed and these digital tokens are strictly banned.

The five countries that have accused cryptocurrencies of embargo are:

China

Since the advent of these digital currencies, China has been brutal to its limits. The Xi Jinping-led CCP has cracked down on these digital tokens, and the crackdown is getting fiercer every year. To deal with crypto giants like Bitcoin, China has introduced its own centrally regulated digital currency called the Digital Renminbi (RMB).

Bolivia

The government of this South American country has completely banned currencies that are not subject to regulated radar in Bolivia’s economic system. The Bolivian government has made decisions on the grounds of various Ponzi schemes and possible criminal activity.

Indonesia

Bank Indonesia has devised a new set of rules and regulations surrounding the promotion and trading of cryptocurrencies, banning digital tokens altogether from January 1, 2018.

Turkey

Turkey was one of the countries that witnessed the largest number of transactions before imposing a new set of guidelines that would make it illegal for domestic central banks to use cryptocurrencies directly or indirectly for goods and services. The guidelines also included anti-money laundering and terrorist financing provisions.

Egypt

Sticking to Egypt’s leading Islamic advisory body, Dar Alfta, the country considers cryptocurrency transactions to be “haram” under Shari’a law and strictly bans them under Islamic law.

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5 countries banned cryptocurrencies

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