Countries where crypto is illegal or restricted
As the demand for cryptocurrencies increases, criticism of digital assets also continues to grow, and their legal status is becoming a hot-button issue in every state. While more than a hundred countries have already legalized cryptocurrency in various ways, other countries are more categorical and have banned digital currencies altogether.
Algeria
Algeria currently has a law that prohibits the purchase, sale, use and storage of virtual currencies.
Bangladesh
Bangladesh has official bans on cryptocurrency transactions, punishable by up to 12 years under money laundering and terrorist financing laws. Even so, the country is considering a new blockchain strategy that could smooth its relationship with cryptocurrencies.
Bolivia
In 2014, Bolivia's central bank issued a regulation banning the use of any currency not regulated by the country's economic zone.
China
Chinese authorities have repeatedly warned citizens to guard their pockets and stay away from any cryptocurrency, and on September 24, the People's Bank of China directly banned cryptocurrency transactions in the country. This is because the People's Bank of China aims to become one of the first major central banks in the world to launch its own digital currency,
Colombia
Colombia's financial inspectorate in 2014 banned "protecting, investing in, brokering or managing virtual money transactions."
Egypt
Dar al-Ifta, the country's main Islamic advisory body, issued a religious decree in 2018 classifying bitcoin transactions as "haram," which is forbidden under Islamic law.
Indonesia
Indonesia's central bank banned the use of cryptocurrencies as a means of payment as of January 1, 2018.
Ghana
Ghana's central bank is interested in adopting blockchain technology, but the country's ban on the use of cryptocurrencies is still in effect.
Iran
Iran bans trading in cryptocurrencies mined abroad, but encourages bitcoin mining in the country by offering cheap energy to licensed miners on the condition that all mined cryptocurrencies are sold to the Central Bank.
India
The Indian government has banned almost all private cryptocurrencies, but plans to introduce its own cryptocurrency backed by the central bank.
Iraq
Despite continued efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi central bank has been particularly hostile, issuing a statement in 2017 banning their use, which remains in effect to this day. In early 2021, the Interior Ministry of the Kurdistan Regional Government issued similar guidelines to stop money brokers and exchanges dealing in cryptocurrencies.
Kosovo
Cryptocurrency holding and trading is not banned in Kosovo, but the government has announced a long-term ban on crypto mining due to the country's growing energy crisis.
Mexico
Although virtual assets are not legal tender and are not considered currencies under existing laws in Mexico, there are several cryptocurrency exchanges concentrated in the country.
Nepal
Nepal's Rastra Bank has declared bitcoin illegal since August 2017.
Northern Macedonia
Northern Macedonia has an official ban on any cryptocurrency.
Russia
Russian President Vladimir Putin has repeatedly urged law enforcement agencies to monitor crypto-transactions more closely. Under existing laws, cryptocurrency is defined as property subject to taxation, and government officials are prohibited from owning any crypto assets.
Turkey
On April 16, 2021, the Central Bank of the Republic of Turkey banned the use of cryptocurrencies to pay for goods and services, and crypto exchanges were included in the list of firms that are subject to anti-money laundering and anti-terrorist financing regulations.
Vietnam
Vietnam does not prohibit trading or holding bitcoins as assets, but it is illegal to issue, supply and use cryptocurrencies as a means of payment, and offenses are punishable by fines.
