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Five nations are most troubled by cryptocurrencies

Even while cryptocurrency is sometimes attacked for its volatility, its usage in unlawful transactions, and the enormous amount of electricity required to produce it, some individuals, particularly in underdeveloped countries, view it as a safe haven amid economic storms.

Five nations are most troubled by cryptocurrencies


In September of 2021, El Salvador become the first nation to legalize money. The Central African Republic became the second nation to do so in April of this year.


As more and more individuals utilize cryptocurrencies as investments or a means of subsistence, however, skeptics have continued to devise novel measures to restrict their usage.


The legal status of Bitcoin and other "altcoins" (coins that are similar to Bitcoin) varies greatly from nation to country, and in some jurisdictions, the relationship between Bitcoin and altcoins remains unclear or is constantly evolving.

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Even while Bitcoin is not illegal in the majority of nations, its position as a method of payment or a commodity differs, and this has varying regulatory repercussions.


Some nations have placed restrictions on the use of Bitcoin, and some institutions have informed their customers that they cannot buy or trade Bitcoin. Other nations have prohibited Bitcoin and other cryptocurrencies and made it exceedingly difficult for anyone to use them or conduct transactions with them.


These five nations have the most difficulty with Bitcoin and other digital currencies.


Cryptocurrencies


China

Since 2021, China has intensified its crackdown on virtual currencies. Officials in China have repeatedly cautioned their citizens to avoid the market for digital assets. In addition, they have taken severe action against mining and currency exchanges in China and around the world.


Yin Youping, deputy head of the Financial Consumer Rights Protection Bureau of the People's Bank of China (PBoC), referred to cryptocurrencies as "speculative assets" and advised individuals to "guard their pockets" on August 27.


People believe China is attempting to launch their own e-currency by attempting to harm Bitcoin, a decentralized currency that is not governed by governments or institutions.


The PBoC hopes to be among the first major central banks in the world to issue its own digital currency. This would enable it to monitor the transactions of its citizens more closely.


Egypt

In 2018, Egypt's principal Islamic advisory body, Dar al-Ifta, issued a religious decision declaring Bitcoin transactions "haram," or forbidden by Islamic law. Even though they are not legally binding, Egypt's banking rules became tighter in September 2020 to prevent the trading or promotion of cryptocurrency without a license from the Central Bank.


Bangladesh

Uncertainty surrounds the position of Bangladesh on cryptocurrency. In accordance with the country's laws against money laundering and terrorism financing, cryptocurrency transactions are prohibited and punishable by up to 12 years in prison. In contrast, the nation has proposed a new blockchain policy, indicating that it is warming up to cryptocurrencies and virtual assets. There have also been no reliable examples of someone being convicted for the use of cryptocurrencies.


Iraq

In Iraq, despite the government's efforts to prevent their use, cryptocurrencies are gaining popularity. The Iraqi Central Bank has a particular bias against them. In 2017, it was stated that they could not be utilized, and that rule is still in place today. In early 2021, the Ministry of Interior of the Kurdistan regional government informed money brokers and exchanges that they were prohibited from dealing with cryptocurrency.


Bolivia

Since 2014, Bitcoin use has been completely prohibited in Bolivia. The Bolivian Central Bank prohibited it and any other currencies that are not controlled by a nation or economic zone.

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