List of countries where cryptocurrency is banned

The ever-increasing trend of investing in cryptocurrencies raised financial concerns for governments across the world, leading to a crypto ban. Here's the list of countries that have banned cryptocurrencies.
Created On: Jan 17, 2022 19:58 IST
Modified On: Jan 17, 2022 19:58 IST
List of countries where cryptocurrency is banned
List of countries where cryptocurrency is banned

List of countries where cryptocurrency is banned: The debate over the legalization of cryptocurrencies started with the introduction of Bitcoin in 2009. While Bitcoin is the first decentralized cryptocurrency, several others have been introduced since then including Ethereum, Ripple and Dogecoin.

The ever-increasing trend of investing in cryptocurrencies raised financial concerns for governments across the world, leading to a crypto ban. 

According to a 2021 report from the Law Library of Congress, the number of countries to have issued cryptocurrency bans have increased significantly since 2018. Here's the list of countries that have banned cryptocurrencies. 

1- Algeria

Algeria introduced a law in 2018 which banned buying, selling or holding virtual currencies in the country. 

2- Bangladesh

Cryptocurrency trading is illegal in Bangladesh as it is against its financial regulations and laws. 

3- Bolivia

Since 2014, there's a ban on the usage of crypto in Bolivia. Any digital currency which is not regulated by the country or economic zone is illegal. 

4- China

China was among the first nations to impose a ban on digital currency. However, it has launched a centrally-regulated digital currency called Digital Renminbi (RMB).

5- Colombia

The financial institutions in Colombia are prohibited from protecting, investing, brokering, or managing cryptocurrency operations. 

6- Egypt

Bitcoin transactions were classified as haram by Dar al-Ifta in Egypt. It means that the use of crypto is prohibited under Islamic law. The religious decree was issued in 2018. 

7- Indonesia

Indonesia's central bank, Bank Indonesia, issued fresh regulation to ban the use of cryptocurrencies as a means of payment from 1 January 2018. 

8- Morocco

Morocco banned crypto trading in 2017 citing that transacting in virtual currencies was an infringement on forex regulations. 

9- Nepal

Nepal placed a ban on cryptocurrencies in August 2017. 

10- Nigeria

Nigeria imposed a ban on cryptocurrencies in February 2021 announcing that bank accounts using cryptocurrency exchanges will be closed. 

11- Qatar

In 2018, Qatar warned the banks to not deal with Bitcoin, exchange it with another currency, open an account to deal with it, or send or receive any money transfers to buy or sell this currency. 

12- Turkey

In April 2021, Turkey issued a regulation banning the use of cryptocurrencies, including Bitcoin. The following day, Turkish President Recep Tayyip Erdoğan issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.

13- Vietnam

Issuance, supply and use of digital currencies are illegal in Vietnam and subject to fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).

Also Read | List of cryptocurrencies in the world

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