Countries That Have Banned Cryptocurrency

Published July 20, 2021 by Elana K

Countries That Have Banned Cryptocurrency

Bitcoin and other cryptocurrencies are becoming normalized as large financial firms around the world invest in them, along with big-name entrepreneurs like Elon Musk. However, cryptocurrency is a far cry away from being accepted universally.

Bitcoin and other cryptocurrencies are becoming normalized as large financial firms around the world invest in them, along with big-name entrepreneurs like Elon Musk. However, cryptocurrency is a far cry away from being accepted universally.

Here are some countries that have banned cryptocurrency.

China

China is one of the most popular places for bitcoin mining, but the government is strongly opposed. It recently announced several crackdowns on mining and using cryptocurrency, which sent the value of bitcoin and others plunging.

Bolivia & Ecuador

Bolivia banned cryptocurrency in 2014 and still has not come around. Following Bolivia’s ban, Ecuador also decided to implement a similar ban. However, in Ecuador, using cryptocurrency for payment is illegal but trading is allowed.

Algeria, Egypt & Morocco

Algeria banned the use of cryptocurrency in 2018, citing that it lacks the physical backing that fiat currency has. In Egypt, the government has not placed an official ban on bitcoin, but the Islamic Legislator has said that cryptocurrency is not allowed under Sharia law. Morocco banned it a year earlier due to concerns about hidden payments.

Turkey, Qatar & Iran

Turkey implemented a ban on “digital tokens” on April 30 in an attempt to boost the Turkish lira, but the move backfired and caused crypto trading platforms to collapse. Critics of Erdogan claim the ban was implemented to prevent Turkish citizens from converting their savings into cryptocurrencies and protecting them from the government.

Qatar has banned crypto outright, whereas Iran has traditionally allowed cryptocurrency mining. However, due to major blackouts from the high use of energy required for mining, President Hassan Rouhani has placed a temporary ban.

Bangladesh & Nepal

Both Bangladesh and Nepal banned cryptocurrency in 2017.

What do cryptocurrency bans mean for online gaming?

Cryptocurrency is becoming an accepted and even popular way to finance online gaming. It’s often considered safer and more secure than using fiat deposit methods. However, gamers in countries that have banned cryptocurrency are limited in their options. Hopefully, as cryptocurrency becomes more normalized, countries that have banned it will see its benefit. Then players in these countries will have more payment options when playing online games.


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