China and 8 Other Nations Have Crypto Bans

China and 8 other nations have crypto bans. According to the November study, the number of nations that have banned cryptocurrency. Has “substantially increased” since the research was initially published in 2018.

Currently, eight nations have an absolute ban on cryptocurrency, which makes it illegal. And 42 countries have an implied ban on cryptocurrency, which forbids financial institutions. From dealing with cryptocurrency. With this addition, the current total stands at 51 countries. More than double the number of countries in 2018. When only eight countries had an absolute prohibition and 15 countries had an implied ban.

Contrary to popular belief, China was only one of dozens of countries and jurisdictions. That have either outlawed cryptocurrencies outright. Or severely restricted its use over the course of the preceding several years.

Egypt, Iraq, the United Arab Emirates (UAE), Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China. They are just a few of the countries that have banned cryptocurrency trade. In their respective jurisdictions. As part of a summary report on digital currencies. Published by the Law Library of Congress in November, the report identified several other countries. That have implicitly banned digital currencies by imposing restrictions on the ability of banks. To deal with cryptocurrencies or prohibiting cryptocurrency exchanges. Algeria, Bahrain, Bangladesh, and Bolivia are among the countries. Which have expressly prohibited the use of digital currencies in their jurisdictions.

Over two years have passed since CoinDesk’s organization published its first report on the subject. Which found that the number of nations and jurisdictions that have prohibited cryptocurrency use. Either explicitly or implicitly, has more than doubled.

China and some countries have outlawed crypto

Certain governments have expressed concern about the advent of Bitcoin. Claiming that it is being used to convey money to illicit sources. And that it will disrupt their financial systems if it continues to grow. At its current rate of growth. Despite the fact that not all governments are aiming to outlaw cryptocurrencies. Many, such as the United States, are looking at ways to regulate digital money. In order to protect citizens. 

In a recent interview, Gary Gensler, the chairman of the Securities and Exchange Commission. Referred to cryptocurrencies as “the Wild West” and claimed. That he would want to see more government control put on the digital currency market. In a recent announcement. Gensler stated that it had also hired a senior counsel with a particular interest in Bitcoin.

It took several months for China to implement its cryptocurrency ban. Which took place in several stages over several months. Since the beginning of May, banking institutions in the country have been prohibited. From participating in cryptocurrency transactions. Later, in June, it banned all domestic cryptocurrency mining, and finally, in September. It declared all cryptocurrencies to be illegal.

In the past, China had been a leader in cryptocurrency mining, and the government’s measures. Against cryptocurrencies sparked a big sell-off until prices returned. To normal when the crisis was settled. 

It was said by the Chinese government that it was particularly concerned. About the impact of cryptocurrency mining on the environment. As well as the use of digital currencies for fraudulent activities and money laundering. The country is also currently advertising their own digital yuan money actively. In order to make their own digital yuan money more readily available to clients.

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