According to rich sources, the Indian government is about to suspend the utility of digital currencies. RBI is about to launch its digital currency in the upcoming months. Higher authorities will present this bill at the upcoming parliament session. The cryptocurrency bill will merely permit a few cryptocurrencies to make the investors and stakeholders with the basic technology of bitcoin or cryptocurrencies.
Cryptocurrency trading is a gold mine these days as traders generate profit worth thousands of dollars in a single day. There are websites like the wealth matrix that can help you know about cryptocurrency trading. Talking about the cryptocurrency ban, cryptocurrencies have been one of the most debated topics recently. One of the significant explanations behind this is financial terrors led by cryptocurrency misuse.
Since cryptocurrencies can shake the utter financial infrastructure of a country, some countries have banned the utility of bitcoin and other major cryptocurrencies. Popular cryptocurrencies like bitcoin are downright alongside hefty forfeits in these regions if anyone makes the cryptocurrency transactions.
Countries that have banned cryptocurrencies, including bitcoin!
Nepal
Nepal is an Asian country, and it is one of the only countries to impose a straight-up ban on the usage of digital currencies. The national bank of Nepal, known as Nepal Rastra Bank, announced the cryptocurrency ban in 2017.
China!
China is the cryptocurrency hotspot despite the cryptocurrency ban, as Chinese miners are generating 60% of the global hash rate. Although China has banned cryptocurrencies multiple times, back in 2014 and 2018, China imposed a ban on these digital currencies.
On the 18th of May 2021, China cracked down cryptocurrencies alongside every possible activity attached to these digital tokens. In addition, China intensified a crackdown on cryptocurrency mining as well. The primary reasons to ban cryptocurrencies include the carbon footprint of bitcoin mining. Bitcoin mining is famous as an energy guzzler, and since China was the bitcoin mining hub, Chinese miners used to guzzle a gigantic amount of electricity.
Vietnam!
Vietnam is exceedingly famous for bitcoin mining as the cost of electricity in Vietnam is significantly less. However, the fact might amaze you that Issuing popular digital currency alongside cryptocurrency transactions is not allowed in Vietnam. Such activities are subjected to a significant amount of fines.
The amount of fine varies from 150 million VND to 300 Million VND. Bear in mind that only issuance and cryptocurrency transactions are not allowed in the region, as you can hold cryptocurrency as an asset and even perform cryptocurrency trading.
Russia!
Russia, till now, has not clarified any regulations regarding cryptocurrencies. However, utilizing digital currencies as a transaction or payment method is not allowed in Russia and is utterly illegal.
Indonesia
Indonesia banned cryptocurrencies before China, as the central bank of Indonesia announced a complete cryptocurrency ban on the 1st of January in the year 2018. As a result, no cryptocurrency payments are allowed in Indonesia.
Bolivia
When the cryptocurrency market boomed for the first time, Bolivia came to know about the pros and cons of cryptocurrencies. However, the country decided only to impose a ban on cryptocurrencies in 2014. One of the main reasons Bolivia decided to ban cryptocurrencies was the increasing number of illegal activities alongside fraudulent schemes.
Algeria
Algeria passed new cryptocurrency regulations back in 2018. As a result, no Algerian is allowed to hold and sell cryptocurrencies. Moreover, bitcoin mining is not certified in Algeria.
Egypt
Many countries decided to ban cryptocurrencies after the 2018 market crash, and Egypt was one of these countries. As a result, the cryptocurrency transactions in Egypt are wholly illegal, and higher authorities of Egypt contemplate the virtual currencies transaction as haram.
Columbia
We all know that the reserve bank of India did not allow any financial institution to facilitate cryptocurrency transactions in 2018. Like India, Columbia did not allow any financial organizations, including banks, to accept cryptocurrency transactions after the cryptocurrency market crash of 2018. Before banning the cryptocurrencies, the national bank of Columbia also persuaded the financial institution not to accept these cryptocurrency transactions as they will not be responsible for any mishap with any financial institution.
The portion mentioned above is a complete list of the countries where we can use cryptocurrencies.
