5 Countries That Bitcoin is Still Illegal!
Despite Bitcoin taking part in our lives more and more each day, there are still regions that the world’s first global currency is still illegal. Governments have put up huge sanctions to its citizens in those countries. Let’s see who they are!
It might sound hard to be true but the police officials in Bangladesh are hunting down the Bitcoin users! The country is fiercly against the use of cryptocurrencies and therefore the people who use Bitcoin faces a considerable time in jail! Citizens started campaigns to remove the sanctions but it seems it hasn’t worked well so far!
Cryptocurrencies are illegal in Vietnam too. The country has blocked its citizens for the use of Bitcoin and the people who breach the rule will face penalties depending on the situation. The country is fighting very hard against the poor inflation rate and people in Vietnam is amongst the people who need Bitcoin the most.
We still have no idea what’s the latest regulations in Qatar. The country has decided to ban virtual currencies as they have yet to decide whether it’s haram or halal. Qatar’s regulatory move will be very important given their status amongst the global economy.
Another country who’s facing poorness, Bitcoin and other virtual currencies are also banned in Afghanistan. Just like Qatar, the move seems to be about religious reasons. In Muslim countries, this halal or haram dilemma has caused a huge recession compared to global and they are also one of them.
A small Balkan country, Macedonia also decided to ban cryptocurrencies altogether. Country’s head of central bank Dimitar Bogov previously said:
In Macedonia, the legal means for payment in cash and non-cash payment operations is the denar. The international payment operations are carried out through the payment operations carriers, which are the banks. Hence, trading in bitcoin or using it for payments in Macedonia is illegal.
It’s a bit surprising to see Macedonia in that list, to be honest. Because small countries like Malta, Belarus, and Gibraltar are very ahead when it comes to cryptocurrency related business and each three of them saw the good effect on their respective economies so far.
We are really surprised if Bitcoin remains illegal in those countries years later. Because, the world’s first cryptocurrency is also a way to the cross-border transaction and it really has a use case globally. Countries need to adapt to good regulations and therefore, we can expect Bitcoin to be traded and used everywhere by 2022. Let’s see if time will make us right in this case!