Top 10 Countries/Places Where Bitcoin is Banned

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Bangladesh

In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.


Bolivia

The central bank of Bolivia, El Banco Central de Bolivia said in a statement


Ecuador 

The Ecuador government has issued a restriction on bitcoin and other advanced monetary forms.

The National Get together of Ecuador restricted bitcoins including other decentralized advanced/digital forms of money, because of the foundation of another state-run electronic cash framework. Ecuador’s new undertaking would be controlled by the legislature and attached specifically to the neighborhood money—the dollar. Clients will have the capacity to pay for select administrations and send cash between people. This was slated to start in mid-February 2015. “Electronic cash is intended to work and bolster the money related plan of dollarization,” business analyst Diego Martinez, a delegate of the Leader of the Republic to the Leading body of Direction and Fiscal and Budgetary Approach.


Iceland

As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.


India

The Interdisciplinary committee report on cryptocurrency, submitted three months back, has sought a complete ban on cryptocurrency, reports ET citing unknown government sources.


Kyrgyzstan

in a July 2014, proclamation of the National Bank of the Kyrgyz Republic clarified that “the utilization of ‘virtual cash’, bitcoins, specifically, as a methods for installment in the Kyrgyz Republic will be an infringement of the law of our state.


 Russia

Even with the recent legal victory in Ural recently, setting a legal precedent to lift the banning of websites related to bitcoin and other digital currencies, bitcoin is banned in practice, if not officially legal yet. With the Russian ruble rebounding, but still down over 30% from January 2014, banks and the national government aren’t looking kindly on those who are investing in other currencies, digital or not.

Gold purchases are frowned upon in Russia, so proceed with caution.


Sweden

Bitcoin has endured a little prohibiting in the purchasing and offering of scrap metal and “waste items”. This sets an awful point of reference of government obstruction for the future, yet so far the boycott is limited to this industry from every angle.


Thailand

According to news reports, the Bank of Thailand ruled bitcoin illegal on July 29, 2013. However, it appears “it issued a preliminary ruling that using bitcoins . was illegal because of a lack of existing laws” in the case of a currency exchange license application by Bitcoin Co. Ltd.

Bitcoin businesses have been able to conduct business and get licensing, but the ban technically is still there, if not in practice currently.


Vietnam

Back in February of 2014, Vietnam prohibited the virtual cash bitcoin for use by credit establishments, refering to its usability for criminal purposes and its high hazard for financial specialists.


 

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