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Countries that have banned Bitcoin 2021

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Shivangi Mujumdar Follow


Apr, 13 2021

Apr, 13 2021

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Bitcoin is a combative asset for several people, mainly those in positions of power. The skill to print money is one of the most appreciated powers a government possesses. Still, bitcoin's ascension has not been without some important speed bumps. Positive countries frown upon it as it is not backed by a central bank or government. 


The dread of missing out on big increases has kept the demand for bitcoin and other digital currencies great. 


Here are some of the countries that have tried to ban it: 



Bolivia's central bank formally banned any currency or coins that are not controlled by the government in June 2014. Bitcoin was one of the illustrations it gave. 



Financial firms are forbidden from holding or trading cryptocurrencies under current regulations. Regulation efficiently banned cryptocurrency exchanges or trading platforms in September 2017, with 173 platforms closing down by July 2018. The country has initiated developing its cryptocurrency. 



Algeria's 2018 Financial Law forbids the usage of any cryptocurrency. It is illegal to purchase, sell, use, or possess alleged virtual currency. Bitcoin is presently a hot commodity in the financial industry. Yet, the lack of a central regulatory body to supervise it makes some countries suspicious of its use and existence. 


Saudi Arabia 

Saudi Arabia joins other countries in command to ban confidence or all of their country's use of Bitcoin. SAMA published a warning enlisted on the trade-in of unauthorized securities on the foreign exchange market by the SAMA Standing Committee. Financial institutions are advised from using bitcoin. 


Government-issues warnings about the drawbacks of investing in the cryptocurrency markets are one of the most common actions recognized across the surveyed jurisdictions. Several of the warnings issued by different countries also highpoint promises for illegal activities such as money laundering and terrorism arising from cryptocurrencies. 




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Shivangi Mujumdar

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