Which country banned cryptocurrency (2024 Updated)

Due to the demand for cryptos, you might be wondering to know which country banned cryptocurrency. As the crypto market continues to make waves, there’s been a large number of people getting involved in the market.

With these new investors, there are also new traders, who are constantly looking for something to invest their money into.

Due to the demand for cryptos, you might be wondering to know which country banned cryptocurrency. Also, to know if it is still safe to put your money into them. This blog article gives a list of countries that have banned cryptocurrency.

Why the Crypto Ban

The dangers of cryptocurrency are numerous. It is important to understand that digital currency itself doesn’t come with any inherent value. In other words, you’re not even guaranteed to get anything in return for your money.

Additionally, the anonymity of cryptocurrencies makes it easy for criminal activity, tax evasion, and other illicit activities to occur. As a result, many governments are concerned about the security and sustainability threats posed by cryptocurrencies.

There are a lot of countries that have banned cryptocurrency since the beginning of 2018. Countries like China, Iran, and India were initially supportive of cryptocurrency but later on changed their opinion. Other countries such as Venezuela, China, and Bangladesh have just recently introduced absolute bans on cryptocurrency.

Countries Where Bitcoin Is Illegal

More than 20 countries have placed restrictions on cryptocurrency in the first five months of 2019. In some cases, it was because the country had a centralized bank or other financial institution while other countries banned cryptocurrency as a measure to stop money laundering and other criminal activities.

According to a November 2021 Law Library of Congress report, nine countries have placed a complete ban on cryptocurrency. The country includes:

China
Tunisia
Algeria
Bangladesh
Iraq
Morocco
Nepal
Qatar
Egypt

Some countries are currently working on legislation to ban cryptocurrency. It seems unlikely that there will be any more bans before the end of this year.

Countries With Implicit Bans on Cryptocurrency

Many countries are considering a ban on cryptocurrencies due to their high volatility, complex taxation schemes, uncertain legal status, and their connection with illegal activities.

The Library of Congress in its November 2021 report also, listed 42 nations having implicit bans on specific cryptocurrency usage. I will mention just a few in this article.

Kuwait
Bahrain
Burundi
Cameroon
Nigeria
Georgia
Guyana
Vietnam
Zimbabwe
Gabon
Lesotho
Libya
Macao
Maldives
The central African Republic

Pros and Cons of banning cryptocurrency

Cryptocurrency has been a hot topic for the last few years, but it seems people are still eager to keep talking about it and invest in it. Many governments agree that cryptocurrency is not a currency and should be banned due to its criminal nature.

However, some countries have decided to ban cryptocurrency for different reasons. Some say that cryptocurrency is too risky for their economy because of its volatility and centralization problems, while others feel like banning cryptocurrency will impede their goal of achieving financial inclusion.

Other Crypto Tips

Crypto ban, a blessing or a curse

The crypto market has been around for a while now, yet it has only recently started to be taken more seriously by the mainstream media. Many investors claim that crypto is a safe haven for traders and has the potential to become incredibly profitable. The surge in cryptocurrency trading today, however, is overwhelming.

In my opinion, the crypto market is too unstable to support long-term investments. It’s a bit like gambling in that you can’t really know what will happen. The concerned governments have banned crypto because of this volatility. This article is concluding that it would be best for investors to avoid investing in cryptocurrency for the foreseeable future and focus on other areas of investment options instead.