However, many countries still restrict or ban crypto and stick with their aim against cryptocurrencies.
Countries that Ban Bitcoin and Why?
NigeriaNigeria has banned it since 2017; at that time, the government was not strict, but now the rules are compulsory. There is a warning for people if their bank accounts are involved in bitcoin exchange or any selling purchasing activity, the government banned their accounts.
TurkeyThe Central bank of Turkey banned any bitcoin payment and transaction. Turkey bitcoin regulations are not a surprise because it was already expected. They were against bitcoin use from the start, but they only restricted it. Now they have decided to implement the law forcefully.
The reason behind this ban is its decentralized nature and lack of supervision. The volatile nature of bitcoin can be proved highly dangerous; once you lose bitcoin, there is no chance to get it back. Because after a transaction, you never cancel it or get it back.
BoliviaBolivia banned it in 2014, and the ban continues without any fluctuation. The Central Bank of Bolivia took this step to save the currency and investors of their country. When Bolivia banned bitcoin, it was a single country in South America that denied it.
However, it has provisions that allow the use of bitcoin created by the government.
IndiaIndia is not the one who altogether banned it, but they are considering the issue, and there is a chance that it will get banned. A bill is proposed to ban private bitcoin.
The reason for the bitcoin ban is their belief that crypto companies support illegal activities by funding. The government itself never tries to restrict it, but the parliament presents the bill. The government is also looking for a decision from the central bank.
NepalNepal Rastra Bank banned cryptocurrencies in 2017, and after notice, the government strictly implemented them. Anyone caught doing any crypto exchange goes to jail. Even after the announcement, 7 people were involved in the bitcoin exchange, their cases are still in court.
AlgeriaIn 2018, the Algerian government banned the use of cryptocurrencies, and they define it as the currency without any physical existence is forbidden. So they are following the law from that time, and people who go against the law have to face punishment.
However, irrespective of all bans still cryptocurrency is growing, and it does not seem affected. Now so many countries who banned it in the past stand in favor of it. In contrast, some countries are against it and creating more strict policies to keep their currency safe.