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Cryptocurrency Struggles in 5 Countries

Some people, especially in the underdeveloped globe, perceive crypto as a safe haven amid economic storms, despite its volatility, unlawful use, and high electricity requirements.

Cryptocurrency Struggles in 5 Countries


El Salvador legalized it first in September 2021. April saw the Central African Republic become the second.


As more people utilize cryptos as investments or a means of survival, detractors have found new measures to restrict their use.


In several countries, the relationship between Bitcoin and "altcoins" (coins like Bitcoin) is unclear or constantly changing.


Bitcoin isn't illegal in most nations, but its status as a commodity or payment method affects regulation.


Some countries and banks have banned Bitcoin purchases and sales. Bitcoin and other cryptocurrencies are illegal in some places and difficult to use.

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These 5 Countries Struggle Most With Bitcoin And Other Cryptocurrencies


Cryptocurrencies


China

Since 2021, China has increased cryptocurrency crackdowns. Chinese government have repeatedly advised citizens to avoid the digital asset market. Mining and currency trades in China and others have been heavily restricted.


Yin Youping, deputy head of the PBoC Financial Consumer Rights Protection Bureau, branded cryptocurrencies "speculative assets" and advised people to "guard their pockets" on August 27.


China may be trying to hurt Bitcoin, a decentralized, government-free e-currency, to create their own.


The PBoC hopes to establish a digital currency before other major central banks. It could better monitor its citizens' transactions.


Egypt

Egypt's main Islamic advisory council, Dar al-Ifta, declared Bitcoin transactions "haram" (illegal) in 2018. Egypt's banking rules tightened in September 2020 to prevent unlicensed cryptocurrency trade and promotion.


Bangladesh

Cryptocurrencies are unclear in Bangladesh. Under the country's money laundering and terrorist legislation, crypto transactions can result in 12 years in prison. However, a new blockchain strategy suggests the country is warming up to crypto and virtual assets. Crypto-related convictions are also unconfirmed.


Iraq

Cryptocurrencies are growing in popularity in Iraq despite official efforts to ban them. The Iraqi Central Bank especially dislikes them. They're still banned since 2017. In early 2021, Kurdistan's Ministry of Interior ordered money brokers and exchanges they couldn't handle cryptocurrencies.


Bolivia

Bolivia outlawed Bitcoin in 2014. It was outlawed by the Bolivian Central Bank.

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