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Countries Where Cryptocurrency Is Banned
One of your first steps when preparing to buy Bitcoin should be to find out if it's legal in your country. If you already know your own country's situation but are curious about the rest, read on.
While the world of cryptocurrencies continues to grow rapidly, bans continue to come in some countries. Some countries, especially Bitcoin, ban cryptocurrencies. It is illegal to use exchanges. However, crypto money investments and transfers are made secretly in these countries. Let's talk briefly about which countries ban cryptocurrencies.
Cryptocurrency investors often research whether it is legal in their country before investing. This is an extremely important situation because situations such as withdrawals and transfers are extremely important for investors. If illegal transactions are made, it will be possible for banks, namely the state, to seize the revenues from cryptocurrencies. This is an extremely difficult process for countries that ban cryptocurrencies. The main goal of cryptocurrency investors is to make money and profit. Illegal processes carry risks. Therefore, there are no suitable areas for investment. Let's take a closer look at the countries that have imposed bans on cryptocurrencies.
Countries Where Bitcoin Is Banned
Many types of cryptocurrencies, especially Bitcoin, are legally accepted in many countries of the world. It is extremely easy to invest, transfer cryptocurrencies or make payments in this area. However, some countries ban cryptocurrencies. Just below, you can see which countries are banned from Bitcoin.
- Saudi Arabia
Some non-usable countries do BTC restrictions but do not trade for some restrictions and payment. Cryptocurrency exchanges cannot be accommodated in these countries. In the absence of any agreement, agreements with foreign-sourced cryptocurrency exchanges and companies are completely prohibited. Those countries are listed below.
- American Samoa
There are certain limitations in the countries listed above. These limitations have nothing in common. Since there is no worldwide regulation or law regarding cryptocurrencies, each country can bring its own rules. While any country can allow the use of cryptocurrencies independently, another country can impose bans on all cryptocurrency exchanges in its country.
What Grounds Is The Banning Of Bitcoin Based On?
There is no doubt that Bitcoin and other Cryptocurrencies will be the payment method of the future. Work on this is going on very quickly. Many countries are changing their minds with negative attitudes.
The fact that cryptocurrencies are independent and not tied to any center tightens their hands in their states. Because in crypto money transfers, no taxes are paid to the State or commissions are not taken from the banks, some countries do not look warmly because these independent states do not bring anything to the states. Some countries ban Cryptocurrencies in their derivatives, especially Bitcoin, by offering different reasons.
Why Is Bitcoin Banned?
It is located in countries that carry out strict bans, such as countries where the use of Bitcoin is completely prohibited. These countries completely block Cryptocurrency flows, especially in government institutions and financial centers.
We can also say that there is strict control. These countries want to completely control the Cryptocurrency market and stop transactions by imposing restrictions. It is a great fact that cryptocurrencies will be more accepted in the future. For this reason, many countries have to make legal regulations for cryptocurrencies. In particular, 2022 may be the year when cryptocurrencies will explode.
Countries That Refrain From Bitcoin
While some countries completely ban Cryptocurrencies, some countries only ban Bitcoin. In these countries, it is not possible to invest in Bitcoin or make different crypto money transfers.
There are countries where Bitcoin is completely banned, as well as countries that are completely abstaining from this issue. The number of countries exhibiting this attitude is too great to be underestimated. These countries often do not take any action because they do not predict the outcome of the crypto money markets and cannot foresee what risks they pose. You can see the list of countries that are completely abstaining from Bitcoin right below.