The popularity of crypto currency continues to grow and it is no longer possible to ignore its presence in modern life. Governments of countries willy-nilly have to aloud express their attitude to new technologies and introduce laws that would correspond to the changed realities.
One of the first to excel Japan. The authorities of the country appreciated the potential of the crypto currency and adopted legislation that protects their citizens and promotes free trade in digital currency.
However, not all states are just as progressive. Because of fear, ignorance or protectionism, many governments tend to pass laws without understanding and to prohibit things that they consider to be a threat. And although they can not prohibit a blockage, they have every chance to prevent citizens from accessing this technology.
As a ban on alcohol or the Internet, the ban on bitcoins seems meaningless and even impossible. Nevertheless, five countries succeeded in actually prohibiting the crypto currency - these are Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Nepal.
Nepal
Let's start with Nepal. Recently, the financial regulator of the country Nepal Rastra Bank completely banned any operations with crypto-currencies, seeing in them a threat to their economy. The decision of the authorities was reinforced by the arrest of a dozen people, allegedly involved in the management of crypto-exchanges in the territory of Nepal.
Bolivia
The central bank of Bolivia (El Banco Central de Bolivia) banned the use of any crypto currency in 2014 after a major scandal. A group of scammers told citizens about the advantages of crypto currency and collected money from them, promising to return 300 percent profit after 60 days. The pyramid was quickly opened - and thousands of angry, deceived investors emerged on the streets of El Alto. The government quickly found an 'exit' - a complete ban on bitcoins in the country.
Ecuador
Neighboring Ecuador also declared bitcoin outlawed - but not because the authorities were against the very idea of crypto-currency. Deto is that they wanted to fully control bitcoin and tie it to the US dollar, which, incidentally, is officially a local currency. This idea was not successful, and Ecuador went even further and created a national crypto currency, of course, completely under the control of the authorities.
Kyrgyzstan
Formally, bitcoin in Kyrgyzstan is not prohibited, although it (and other crypto-currencies) can not be used as a means of payment (because of their 'vulnerability and non-reinforcement by any tangible assets'). This was announced in 2014 by the National Bank, stressing that the only legal tender in the country is the Kyrgyz som.
Bangladesh
Finally, Bangladesh. In 2014, the Bangladesh Bank banned the use of bitcoin and warned about the introduction of criminal liability. So, for any operations with the crypto currency here you can go to jail for up to 12 years - in accordance with the current anti-money laundering laws.
🤗 source: cryptocurrency.tech 🤗