12/07/19 05:00 UTC-4

Financial geography: countries where cryptocurrency is banned

Countries where cryptocurrency is banned
Countries where cryptocurrency is banned

Although cryptocurrencies have become an innovative novelty of the modern financial sector, they are not accepted in all states. There is a list of countries where the possession of cryptocurrency assets is not only prohibited, but also criminally punishable.

In this article we will talk about where you can get behind the bars if law enforcement agencies find you have digital money.


Cryptocurrency ban: religion or economy

So, for example, in many Islamic countries, believers are forbidden to use digital money. But the Bitcoin holders may simply not be allowed into the mosque, especially if we talk about the sectarian branches of the Shiites.


At the same time, there are places where digital assets are considered almost as terrorism. For example, in Nepal, owners of cryptocurrencies are judged by the articles related to the financing of terrorist organizations and the undermining of the national economy.


Nepal: a complete ban on cryptocurrencies

In October 2017, the financial regulator of the country, Nepal Rastra Bank, issued a decree banning absolutely all operations with cryptocurrencies. The same year in Nepal, seven people involved in the creation and management of cryptocurrency trading platforms were arrested. Owners of cryptocurrency, as well as developers in Nepal can be imprisoned for up to 10 years with confiscation of property.


Ecuador: ban on foreign and corporate crypto

In early 2016, the National Assembly of Ecuador introduced a list of restrictions and bans on foreign and corporate cryptocurrencies. At the same time, the regulation states that state blockchain projects are not subject to ban. At the time of this writing, crypto in Ecuador is being confiscated, but not prosecuted by the criminal code.


Bangladesh: 12 years in prison for Bitcoin

In the spring of 2014, the Central Bank of the Republic of Bangladesh took a tough stance on crypto-assets. Already at the beginning of the summer of the same year, a law was passed on criminal responsibility for operations with crypto and a fixed term of punishment for crypto-trading, from 12 years in prison. Also, since 90% of the population belongs to Muslim communities and the harsh Islamic sect of Shiites, cryptocurrencies in Bangladesh are banned as heresy.


Indonesia: bans and restrictions

In 2018, Indonesia’s financial regulators opposed the development of the crypto-industry. Now, the use of digital money in the country is not prosecuted, but all found crypto confiscated by law enforcement agencies, the same thing happens with the equipment for mining. The work of crypto-exchanges in Indonesia is banned.


Bolivia: more than 1000 traders are in prison

In 2017, Bolivia completely banned any operations related to cryptocurrencies. The use of digital money is prosecuted by the criminal code for up to 20 years in prison. Cryptocurrencies are equated to the gross form of fraud and financial pyramids.

At the time of writing this article in Bolivia, more than 1,000 people who worked with crypto were arrested.


Editor: Godfrid Brower

#cryptocurrency #cryptocurrencyban #Bolivia #Indonesia #Bangladesh #Ecuador #Nepal #Bitcoin



04/04/19 03:30 UTC-4

What is USDC? Complete Starter Guide for USD Stablecoin

​Description and characteristics USD Coin (USDC) is a type of cryptocurrency that is called a stable coin. You can always buy back a coin of 1 US dollar for 1 US dollar, providing it with a stable price.

25/06/19 10:16 UTC-4

With the CEX.IO app, Bitcoin is in your pocket

​In a very short period, many cryptocurrency applications have appeared, worth billions of dollars. Cryptocurrency trading is now entering the mainstream, and traders should check prices constantly and even on the go on their Android or iOS devices.

12/05/19 05:00 UTC-4

Buy Bitcoin in 2010: how much did those who invested in BTC earn a few years ago?

​Bitcoin is the first and most popular cryptocurrency in the world. The maximum price increase of digital gold was recorded in December 2017, when the cryptocurrency overcame a maximum of $ 20,000. However, many do not recall that at the beginning of their existence, BTC coins were worth less than one dollar.

31/01/19 07:56 UTC-4

Proof of Work (PoW) – consensus algorithm and mining-tool

Today, cryptocurrencies have become an integral financial instrument. Many countries use crypto-coins and blockchain to improve the financing system and other areas of life. One of the popular terms that often appears in conversations about cryptocurrency is Proof of Work or PoW.

24/01/19 07:38 UTC-4

Basic Attention Token. Creating a coin and its features

​Basic Attention Token is an ERC-20 standard coin operated by Ethereum Blockchain. The token is a key element of the advertising platform integrated into the Brave web browser. The new algorithm allows not only to track the portals to which the transitions were made, but also improves the effectiveness of advertising, starting from other user actions.