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Cryptocurrencies Are Banned in Five Countries, Why?

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Cryptocurrencies are growing day by day fast, but not everyone uses them, many countries have already banned trading and dealing in these digital currencies. As of a recent survey, there are over 5,000 known cryptocurrencies in the entire globe.. Analysts are still predicting an accurate rise in Bitcoin’s value in the beginning of 2022. Many countries like India are continuously growing their crypto spaces, others like Russia, China and Bangladesh have been cracking down.

Let’s have a look at the countries that have already banned Cryptocurrencies.


Bangladesh

Bangladesh has its own rules and regulations. The central bank of Bangladesh does not allow the trading and dealing of crypto because it is against the financial regulation of the country. Foreign currencies trading, that decentralized such as Cryptocurrency, are not allowed in Bangladesh according to their law. Crypto traders face imprisonment, if they are found in any violation of the law.

China

China was dealing with the world’s largest Bitcoin miners at one point. While China’s ban cryptocurrency due to some reason that remains unclear, CryptDailyUse report claims that the decision took in favor of reducing prices of energy and greenhouse fuel emissions that is associated with transactions of crypto.

Egypt

According to the Islamic legislature of the country, the transactions of cryptocurrency are prohibited in Egypt. Cryptocurrencies might be harmful to the economic health and national security, according to the  Egyptian Islamic advisory Dar al-Ifta of the country.

Morocco

Morocco’s foreign exchange office had informed the country that virtual currencies transactions were an infringement on forex law and regulations. Crypto-trading banning in Morocco was decided in 2017. Recently reports of illegal Bitcoin trading rapidly growing in Morocco.

Russia

The Central bank of Russia in September 2017 said that it was against the law and regulation of cryptocurrencies used as money. Bitcoins of market sites and other cryptocurrencies are banned in Russia. But now Russia might reconsider cryptocurrencies trading.

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