5 countries struggle with cryptocurrency

Since 2009, Bitcoin and other cryptocurrencies have been debated.

Even while crypto is attacked for its volatility, unlawful use, and electricity requirements, some individuals, especially in the underdeveloped countries, perceive it as a safe haven amid economic storms.

In September 2021, El Salvador legalized money. In April, the Central African Republic became the second.

But as more people use cryptos as investments or a way to get by, detractors have come up with new strategies to limit their use.

The legality on Bitcoin and other "altcoins" varies from nation to country, and in others, the link between the two is unclear or always changing.

Even though most countries don't ban Bitcoin, its status as a payment or commodity has varied legislative repercussions.

Some governments limit Bitcoin's use, and some banks won't sell or buy it. Other countries have outlawed Bitcoin and other cryptocurrencies, making them difficult to use.

5 countries have the most trouble with Bitcoin and other cryptocurrencies

China

China has crackdowned on cryptocurrency since 2021. Chinese officials have cautioned the public not to invest in digital assets. They've tightened down on mining and money transactions in China and abroad.

Yin Youping, deputy head of the PBoC Financial Consumer Rights Protection Bureau, branded cryptocurrencies "speculative assets" and warned users to "guard their pockets"

Some believe China is trying to launch their own e-currency by hurting Bitcoin, a decentralized currency not controlled by governments or institutions.

PBoC hopes to be one of the first big central banks to establish a digital currency. It could then keep a closer eye on its citizens' transactions.

Egypt

In 2018, Egypt's main Islamic advisory authority, Dar al-Ifta, declared Bitcoin transactions "haram" In September 2020, Egypt's banking laws got harsher to stop persons from dealing or marketing cryptocurrencies without a Central Bank license.

Bangladesh

Unknown is Bangladesh's stance on cryptocurrency. Officially, crypto transactions are punishable by up to 12 years in prison under money laundering and terrorist legislation. But a new blockchain strategy reveals the country is warming up to crypto and virtual assets. There are no credible reports of crypto users being convicted.

Iraq

Iraq's government tries to ban individuals from using cryptocurrencies, but they're becoming more popular. The Iraqi Central Bank is against it. 2017 declared they couldn't be used, and that rule remains. The Kurdistan Ministry of Interior advised money brokers and exchanges they couldn't handle cryptocurrency in 2021.

Since 2014, Bolivia has banned Bitcoin. The Bolivian Central Bank prohibited it and other uncontrolled currencies.

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