List of Countries Banning Cryptocurrency
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Loading... - Annika Fuchs
- 03 May 2023
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Cryptocurrency is a decentralized digital form of currency that operates on a peer-to-peer network. However, not all countries have embraced this new form of currency, and some have even decided to ban it outright. In this article, we provide an overview of the countries that have banned cryptocurrency and the reasons behind their decisions.
Countries that Have Banned Cryptocurrency:
#1). China
China, the largest crypto market in the world, has taken a hard stance against cryptocurrency since 2017 when it banned initial coin offerings (ICOs) and domestic crypto exchanges. In 2021, China intensified its crackdown by banning crypto mining, citing concerns about carbon emissions and financial stability. The country has also banned financial institutions and payment platforms from providing crypto-related services and warned its citizens against engaging in crypto transactions. China’s primary motivation for banning crypto is to maintain its financial stability and control over its monetary system, as well as to curb illicit activities such as money laundering and tax evasion.
#2). Egypt
Egypt has declared cryptocurrency as forbidden under Islamic law, citing speculation, gambling, and interest as the reasons for the ban. The Grand Mufti issued a fatwa in 2018 that prohibited the use of Bitcoin and other cryptocurrencies, saying they are “harmful to individuals, groups, and institutions”. Egypt’s central bank has also warned against dealing with crypto, citing security and legal risks. Read More…
