Full List Of Countries Where Cryptocurrency Have Been Banned

Full List Of Countries Where Cryptocurrency Have Been Banned

In this article, we will be walking you through countries where cryptocurrencies have been fully banned which means people living in those countries are not permitted to purchase or trade cryptocurrency.

The legalization battle of cryptocurrencies is going on ever since the success stories of bitcoin started surfacing the internet. While widely criticized for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.

You may also want to read Nigeria Crypto Market Increases By Over 1000%

What is Cryptocurrency

The term ‘cryptocurrency’ refers to a digital currency that is used for performing digital transactions and uses cryptography to ensure the security of such transactions.

The problem with cryptocurrencies is that they do not have a regulation system. In fact, crypto tokens are not made to regulate. This is why it is usually difficult for governments (or countries) to legalize these currencies.

Below are countries that have completely closed their doors on cryptocurrency and have imposed a stringent ban on these digital tokens.

Full List Of Countries Where Cryptocurrency Have Been Banned

1. China

2. Algeria

3. Bolivia

4. Ecuador

5. Bangladesh

6. Nepal

7. Macedonia

8. Turkey

9. Egypt

10. Iran

11. Iraq

12. Columbia

13. Russia

14. Vietnam

By Okpara Kenneth

https://www.flippstack.com

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