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Crypto Banned in China and 8 More Countries

Cryptocurrencies have been termed to become quite famous in the last decade. Many people found their perfect investment in the world of crypto and despite this popularity; several countries thought that it would be for the best if bans are placed on crypto Currencies for now. Many of the countries are not quite sure about how the crypto-assets should be managed and on the other hand, some have banned the use of crypto altogether. The action of banning crypto forever in a nation has been done most explicitly by China. To know more, visit https://ethereumcode.app/.

Banning crypto in China

  • The Asian country which has a huge market all over the world has banned the use of cryptocurrencies in the state. 
  • Financial institutions are not allowed to provide services related to any kind of Bitcoin. 
  • 51 other countries have walked in the same path as China. 
  • Implicit bans and complete bans are imposed in several countries at the same time. 
  • China is one of the largest economies around the web world and the clampdown on the currency has been identified as a major feature of the cryptocurrency ban.
  • At first, the Chinese government started to prohibit social institutions from having any kind of interaction with the crypto tokens. 
  • The month of May was quite crucial for China in 2021. 
  • Domestic crypto mining was completely banned by June. 
  • The cryptocurrencies were completely outlawed by September in China. 
  • The government of China has announced that cryptocurrency has a very strong effect on the environment. 
  • The people who are using this kind of currency are based mostly on money laundering business and fraud. 
  • The country has already used its form of digital Yuan currency. 
  • The government is trying to make it more available to the common people. 
  • The steep drop in the value of the cryptocurrency has been observed ever since China has demanded the ban of crypto mining.
  • The crypto transactions were completely shut down in September and the ban had already set a price for Bitcoin in the market. 

Other countries banning cryptocurrency

  • China is not the first and only country that has banned cryptocurrency within the border. 
  • Countries like Vietnam, Algeria, Egypt, Bolivia, Columbia, Nepal, Ecuador, and Indonesia have banned exchanges and any kind of service related to cryptocurrency. 
  • More than 41 countries have imposed certain types of regulations to stop the exchange of digital assets. 
  • There are some countries that have banned cryptocurrencies in Europe. 
  • The regulations make sure that the banks which handle the financial areas will not get into the regulation of the cryptocurrencies. 
  • It has been found in the report of November 2021 that many countries started to bring bans into the sector of cryptocurrency with a significant amount of control from 2018. 
  • The research came to light for the investors who were thinking of getting into it at the moment. 
  1. Algeria: The financial law of 2018 has made it impossible for the countrymen to deal with any kind of cryptocurrency. 
  2. Vietnam: The supply and use of Bitcoin between the ranges of 150 million to 200 million VND. Bitcoin hasn’t been banned completely in Vietnam till now. 
  3. Egypt: The prime Islamic law of Egypt has mentioned that Bitcoin Transaction is prohibited under Muslim law. Any country which has the cryptocurrency transaction is termed as Haram in their manner. 
  4. Ecuador: Bitcoin along with cryptocurrency has been banned in Ecuador with a majority number of assent. 
  5. Indonesia: Bank of Indonesia in 2108 had informed that they will not be accepting any kinds of payments related to cryptocurrency. 
  6. Nepal: The form of cryptocurrency has been banned by the Nepal Rastra Bank. 
  7. Bolivia: The Bolivian economic system has placed a ban on cryptocurrencies since 2014. The decision-making possibilities of the cases related to cryptocurrency have been taken into consideration in this area. 
  8. Colombia: 2014 was the year in which Bitcoin transaction was completely banned in Colombia. 

Conclusion

2.5 trillion USD has been brought on with cryptocurrency in the last 2021. There has been an explosive rise in the prices in the year of pandemic. The reports had quoted the use of crypto in negative areas as well. The use of crypto must be done carefully to avoid any kind of fraud in this area.

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Written by Marcus Richards

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