Today I am going to tell you through this blog that in which countries Bitcoin is completely banned.
There are some countries in the world where using bitcoin is a punishable offense and doing so you might get into a legal trouble. So let's see which countries have bitcoin totally either in the form of payment, trading or holding virtual currencies.
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ALGERIA
As of 2017 bitcoin was legal in Algeria.
But According to the recent Huffington Post, "Algeria is going to ban bitcoin in the new Finance law of 2018"
According to this law(Art. 117) - The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.BOLIVIA
In 2014 the Central Bank of Bolivia officially banned bitcoin and any other currency or alt coins not regulated by a country or economic zone.
Official Statement - "It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity."BANGLADESH
In September 2014, the Bangladesh Bank issued a statement regarding the use of Bitcoin and warning that it is punishable by law. Bank officials said that anyone found guilty of dealing with Bitcoin or any other cryptocurrency could be jailed for up to 12 years under current anti-money laundering laws.
Official Statement - "Bitcoin is not a legal tender any transaction through bitcoin or any other cryptocurrency is a punishable offense."NEPAL
Nepal Rashtra Bank declared bitcoin as illegal on 13 August 2017ECUADOR
The Ecuadorian government has issued a ban on bitcoin and other digital currencies. It not only banned Bitcoin and all other cryptocurrencies, but it did so while establishing guidelines for the creation of their own virtual currency.
The National Assembly of Ecuador passed a bill that amends the country’s monetary laws in July 2014, banning cryptocurrencies and allowing the government to issue and transact in its asset-backed “electronic money.”COMBODIA
The National Bank of Cambodia, the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police declared that "the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities" and "shall be penalized in accordance with applicable laws."
Information Source
Second Source
Thanks for reading, Hope you all like it.
good contribution,
bitcoin and cryptocurrencies in general will remain controversial for governments (at least for a time), but sooner rather than later they will adopt them, as it will always end up being a flock of governments that will say the same as the dominant countries ...
@planet123 Yes!! You are right...I agree with you
thank you for such a fruit full info :) we all need to know this too
Thank you @bitcoinexpertind
Sir ji aap bhi steemit pe ho.. Bas aise hi help karte rahiye indian crypto community ko
The Ecuadorian government has issued a ban on bitcoin. is this true
Yes!! they have banned because they want to promote their own government backed electronic money
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
Yes, I have already mentioned the source
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Thanks bro for the information... https://steemit.com/sc/@sandeshsharma/ethereum-is-it-cover-worldwide-market
you are welcome...
What reason banned bitcoin @niteshgupta
They should have thought that bitcoin is a threat to their economy