New York, Europe Brief News – Bitcoin is fully banned in China and 8 other countries all over the world, as have the subsequent cryptocurrencies that followed in its wake.
Thus, the legal status of Bitcoin and other altcoins varies substantially from country to country.
Whereas the majority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications.
Here is the list of countries where Bitcoin is illegal.
China
China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.
Colombia
In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they may not “protect, invest, broker, or manage virtual money operations”.
Bolivia
There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.
Algeria
Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018. The law further made it illegal to buy, sell, use or hold virtual currencies.
Egypt
Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law.
Indonesia
Since 1 January 2018, Bank Indonesia issued new regulations banning the use of cryptocurrencies, including Bitcoin.
Iran
Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic, Iran has instead turned to the lucrative practice of Bitcoin.
