Without a question, we are in the grips of a cryptocurrency revolution. Many governments are beginning to recognize the economic benefits of cryptocurrencies and have passed legislation to regulate them. Bitcoin and other cryptocurrencies have already garnered widespread acceptance, and those who refuse to embrace it will be left behind.
Cryptocurrencies and Bitcoin are still seen as a threat to some countries’ economies. The following are some of the nations that have made cryptocurrency use illegal.
Iran legalized and enacted restrictions on cryptocurrencies in early 2019, prohibiting their usage in domestic commerce but allowing their holding and “mining.” Mining a cryptocurrency is a time-consuming computing activity that is required to keep the currency’s public log of transactions, known as the blockchain, up to date.
As the Islamic country grapples with major power outages in numerous places, Iran’s President Hassan Rouhana has ordered a nearly four-month ban on the energy-intensive mining of cryptocurrencies like Bitcoin. The nation thinks that outlawing crypto mining will prevent blackouts in major cities, which would harm people’s lives and businesses.
Bolivia has restated its resistance to permitting cryptocurrency use in the country, citing recent criminal activity by certain people as justification. After revealing a disguised pyramid scam based on a putative investment in cryptocurrencies, the Central Bank of Bolivia issued a statement warning the public that using virtual money is unlawful.
The ban was justified by the need to safeguard the boliviano, the country’s official currency. The central bank also stated that it is safeguarding citizens from unstable currencies that may cause them to lose their money in an Mt Gox-style calamity.
3. North Macedonia
The legal status of bitcoin (and other crypto instruments) differs significantly per state. While this article focuses on bitcoin’s legal status, the restrictions and prohibitions that apply to it are likely to apply to comparable systems as well. In North Macedonia, there is no particular regulation regarding bitcoins or cryptocurrencies.
North Macedonia appears to be the only country in Europe that prohibits the use of cryptocurrencies such as Bitcoin and Ethereum. Investing in cryptocurrencies is prohibited, and national institutions have warned that crypto transactions are related to illegal activity.
Trading in cryptocurrency is risky, according to the Central Bank, because the platforms where these transactions take place are unregulated.