JUST HOW MANY Countries Have Banned Cryptocurrency Trading Until 2020
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Not all persons can have access to crypto trading. Depending on where you live, you might or not have the ability to trade with cryptocurrencies. There are many countries which have different cryptocurrency regulations, some allowing holding crypto, while trading is banned. Far away, just holding crypto and BTC may bring legal penalties.
We are featuring a number of the countries where cryptocurrency trading is prohibited:
Algeria
Towards the finish of 2017, rumors started circulating that Algeria was thinking about completely banning all cryptos. Then, in 2018, the Financial Law of Algeria was approved, which stipulated in article 117: “[t]he purchase, sale, use, and possession of so-called virtual currency are prohibited.”
In line with the document, not respecting these acts bring about legal punishment.
Bangladesh
Bangladesh was not too keen on crypto even back in 2014, when the Bangladesh Bank issued warnings to people that if they use Bitcoin, they could face a sentence as high as 12 years in jail. In December of 2017, the Central Bank officially issued a notice in which it had been stipulated that the currency will not conform with Bangladesh’s FOREX Regulation Act of 1947, the Anti-Terrorism Act of 2009, and the amount of money Laundering Prevention Act of 2017.
People still continued to handle crypto trades, but this later prompted the Bangladesh banks and financial organizations to create their regulations even stricter.
On Feb. 19, 2018, Nazmul Islam, Assistant Deputy Commissioner of the Cyber Crime Unit, declared that crypto users and traders would face prosecution, while also stating that they “have already located a few bitcoin users, and so are on the search for more, along with a few webpages which are being checked for authenticity.”
Bolivia
Bolivia never saw cryptocurrencies as legal, with the federal government taking firm stances in deterring their use in the country. Using Bitcoin and other cryptocurrencies will either get you fined or arrested, as there were several arrests for a few people caught trading or mining Bitcoin.
China
In 2017, The People’s Bank of China (PBOC) started banning the utilization of local cryptocurrency exchanges, which made them shut down. Then, the Chinese regulators started focusing on cracking down domestic cryptocurrency trading, not simply commercial exchanges.
Although domestic cryptocurrency exchanges are banned in China, persons have reportedly been using to work around the crypto trading ban.
Ecuador
Ecuador prohibited the utilization of Bitcoin and other cryptocurrencies in mid-2014 in an effort to reform its finances.
There are, however, several ways that people can still buy and sell Bitcoin and other cryptocurrencies domestically, as the laws don’t seem to be too strictly enforced in Ecuador in comparison to other South American countries.
Source: https://coindoo.com