The cryptocurrency market is challenging the financial orders around the world. While many countries have started seeing the benefits from the blockchain technology, several other countries have seen it as a threat and illegal means to make money.
Several countries around the world have formed bodies to regulate the crypto market but nothing has set in officially and it is reported the crypto legislation might be in place sometime in 2022.
Day-to-day investors around the world are frustrated with the fact that only the top business class, hedge funds and banks are gaining from the stock markets and now see an opportunity to make money and experience a good life by investing their hard earned money in the crypto market.
However, many countries have banned cryptocurrency trading deeming it to be illegal and warned banks to not transact any account that deals with crypto and its related services and investors would be booked under the law for trying to place bets in the market.
Here is the complete list of countries that have banned cryptocurrency trading.
1. China
China is the latest to crack the whip on Bitcoins and all cryptocurrencies. The ban sent shockwaves in the market and plunged all coins to as investors pulled out their assets causing a domino effect that resulted in the market trading deep in red in what can be deemed as a blood bath.
2. Iran
The President of Iran, Hassan Rouhani, recently ordered a four-month ban on crypto trading accusing the financial exchange of consuming power beyond normal capabilities and called the mining of coins energy-intensive. The Islamic country faces widespread power outages and Rouhani believes banning crypto trading would avoid blackouts in the country that affects the normal life of people and offices.
3. Bolivia
Bolivia has banned crypto trading after reports of rampant criminal activities were brought to the forefront. The Central Bank of Bolivia released a statement reminding citizens that trading in crypto is deemed illegal and denounced its schemes which would pose a threat to the normal banking order.
4. North Macedonia
North Macedonia is the only European country to have outlawed the use of cryptos and termed it illegal. National banks have warned citizens that transacting in any cryptocurrency will be linked to criminal activity and have called the platform dangerous as the market is not regulated.
5. Vietnam
The government of Vietnam labeled trading in cryptocurrency as illegitimate and also stated that it to be a payment method that is not recognized in the country. The country's state banks sent out notices to investors before closing all crypto related activities for good.
6. Columbia
The Central Bank of Columbia, Banco de la República, declared that cryptocurrencies are not classified as "legal tender'' and called the trading activity ''inconsistent'' with the country's law and warned of seizing every account that is dealing in the crypto market.
7. Ecuador
Ecuador's currency is directly tied to the US dollar and the local National Assembly has banned Bitcoin and other non-fiat currencies. The Ecuadorian government also banned several coin apps that deal with buying and selling crypto coins.
8. Russia
Just like every other country, Bitcoin and other cryptocurrencies are not regulated in Russia. Though the country has not fully banned crypto trading and investment, it has banned its usage for buying, selling and exchanging goods.
