7 Countries that banned Crypto

Cryptocurrencies, especially Bitcoin, have gotten massive popularity among many people all around the world. Besides the hype there has also always been ongoing controversial discussions way back since 2009.

Cryptocurrencies have been criticized for their volatility, for transactions in connection with criminals and of course for the exorbitant use of electricity to mine cryptocurrencies like Bitcoin.

While there are a lot of countries that are very crypto-friendly there are also several nations that already took a stance against the uprise of cryptocurrencies.

Algeria

As of today Algeria prohibits the use of cryptocurrency after passing a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.

Bolivia

The South American country of Bolivia has issued a complete ban on the use of Bitcoin in 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.

China

China banned Bitcoin and other cryptocurrencies several times since 2009 but apparently they were never satisfied with the outcome the bans achieved. Since 2021 they cracked down on cryptocurrencies with increasing intensity. China has plans to create their own digital currency. Since September 2021 all crypto transactions are prohibited in China.

Colombia

Colombian financial institutions are prohibited to facilitate Bitcoin transactions. Since 2014 financial institutions are not allowed to protect, invest, broker, or manage digital assets.

Egypt

The primary Islamic advisory body issued a religious decree in 2018 saying that Bitcoin transactions are prohibited under Islamic law. In 2020 Egypt's banking laws were tightened to prevent trading or promoting cryptos without a Central Bank license.

Indonesia

The central bank of Indonesia issued new regulations which effectively ban the use of cryptocurrencies as a means of payment since 2018.

North Macedonia

North Macedonia is the only European country so far that has officially banned cryptocurrencies, including Bitcoin, Ethereum, and others.