Bitcoin Banned in Six More Countries

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Six Countries have recently banned Bitcoin.  These countries include Bolivia, Nepal, and Morocco.

Six countries that just said “No” to bitcoin

….six other countries have entirely banned bitcoin:

  1. Bolivia: Back in June 2014, the Bolivian central bank officially banned any currency or coins that aren’t regulated by the government. Included in its list of examples was bitcoin. Bolivia’s central bank also prohibited its citizens from denominating prices in any currency tha its national institutions haven’t previously approved.

  2. Ecuador: Not long after Bolivia’s central bank banned bitcoin, Ecuador also removed its welcome mat in July 2014. The country’s National Assembly of Ecuador banned bitcoin and other digital currencies while laying the framework for the creation of a new, state-run currency. In other words, the government has the permission to make payments in electronic money, but other digital currencies, like bitcoin, are banned for its citizens.

  3. Kyrgyzstan: In July 2014, the National Bank of the Kyrgyz Republic made it crystal clear that using bitcoin, or any digital currency, as a form of payment is illegal. The only legal tender in Kyrgyzstan is the som, the country’s national currency. The Kyrgyz National Bank cited that bitcoin’s lack of governmental backing makes public or private regulation almost impossible.

  4. Bangladesh: Bangladesh also followed suit in September 2014. The Bangladeshi central bank cited bitcoin’s lack of a central payment system as the reason behind the ban, which it believes would allow people to be “financially harmed.” Long story short — if you’re caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012.

  5. Nepal: Though it might not be a well-known fact throughout the country, bitcoin is illegal in Nepal, according to Kedar Prasad Acharya, the deputy director of Nepal Rastra Bank. The Nepalese government banned bitcoin on account of not being able to track its transactions, and it has gone so far as to arrest individuals suspected of trading bitcoin.

  6. Morocco: The newest ban, coming as of November 2017, was in Morocco, which ironically came just days after domestic digital services provider MTDS announced that it would accept bitcoin as payment for the first time. Like the other countries before it, Morocco’s central bank cited “a hidden payment system that is not backed by any financial institution” as its reasoning for banning bitcoin and other digital currencies.

 

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