Top 10 Countries Where Bitcoin is Prohibited – Including INDIA
Even though Bitcoin is still not known worldwide, and some countries have taken “measures” they forbade the use of this cryptocurrency in their territories. This fear of Bitcoin is because they know their potential to banish national currencies and thus ensure that the population does not depend on third parties in the management of their money. CCNews published the following list of 10 countries where you may have problems if you want to use bitcoin, either because it is prohibited by national laws or by the central banks of these countries.
1. Bangladesh
The Central Bank of Bangladesh gave the following statement: “bitcoin legal in UK and many other countries. Any transaction through Bitcoin or any other cryptocurrency is a punishable offense. “
2. Bolivia
Bolivia, a country that sells the world its revolutionary character, seems to be very conservative in the use of money. The Central Bank of Bolivia declared: “It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”
3. China
Although China is the country with the largest number of Bitcoin transactions, the restriction on using bitcoin is aimed at banks and their employees. However, changing or mining bitcoin is not illegal for ordinary users.
4. Ecuador
This is because Ecuador is building its own electronic money system and does not want Bitcoin as a competition.
5. Iceland
Buying bitcoin would violate the Icelandic Foreign Exchange Act.
6. India
A banking policy does not allow exchanges to exchange bitcoin for rupees (the currency of India), so it is not totally illegal, only that exchanges cannot work with national banks.
7. Russia
In practice, Bitcoin is prohibited although no law legitimizes that decision. Due to internal issues with the fall in the value of the national currency, Russia does not welcome investment in “digital” currencies.
8. Sweden
Sweden established regulations to undermine and negotiate with Bitcoin that, although they do not prohibit the use of this cryptocurrency, may tend to do so in the future.
9. Thailand
The Bank of Thailand said in 2013 that bitcoin is illegal, although there are still companies in that country using this cryptocurrency and bitcoin legal issues.
10. Vietnam
The Central Bank of Vietnam stated: “Bitcoin transactions are highly anonymous, so bitcoin can become a tool for crimes such as money laundering, drug trafficking, tax evasion, illegal payment.” But bitcoin legal in USA.
1. Bangladesh
The Central Bank of Bangladesh gave the following statement: “bitcoin legal in UK and many other countries. Any transaction through Bitcoin or any other cryptocurrency is a punishable offense. “
2. Bolivia
Bolivia, a country that sells the world its revolutionary character, seems to be very conservative in the use of money. The Central Bank of Bolivia declared: “It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”
3. China
Although China is the country with the largest number of Bitcoin transactions, the restriction on using bitcoin is aimed at banks and their employees. However, changing or mining bitcoin is not illegal for ordinary users.
4. Ecuador
This is because Ecuador is building its own electronic money system and does not want Bitcoin as a competition.
5. Iceland
Buying bitcoin would violate the Icelandic Foreign Exchange Act.
6. India
A banking policy does not allow exchanges to exchange bitcoin for rupees (the currency of India), so it is not totally illegal, only that exchanges cannot work with national banks.
7. Russia
In practice, Bitcoin is prohibited although no law legitimizes that decision. Due to internal issues with the fall in the value of the national currency, Russia does not welcome investment in “digital” currencies.
8. Sweden
Sweden established regulations to undermine and negotiate with Bitcoin that, although they do not prohibit the use of this cryptocurrency, may tend to do so in the future.
9. Thailand
The Bank of Thailand said in 2013 that bitcoin is illegal, although there are still companies in that country using this cryptocurrency and bitcoin legal issues.
10. Vietnam
The Central Bank of Vietnam stated: “Bitcoin transactions are highly anonymous, so bitcoin can become a tool for crimes such as money laundering, drug trafficking, tax evasion, illegal payment.” But bitcoin legal in USA.