I also got mislead on the subject. That's what happens when you want to copy+paste content here.
OP got the content here: https://www.india.com/business/bitcoin-ban-full-list-of-countries-that-have-banned-cryptocurrencies-5107703/
Maybe because it's using an INDIA on the website name, OP thinks it's on India.
Topic: Bitcoin Ban: Full List of Countries That Have Banned Cryptocurrencies in india (Read 61 times)
November 27, 2021, 05:09:36 AM
November 27, 2021, 04:58:45 AM
First of all your title of the thread is misleading as India is itself a country and you have written countries that have banned cryptocurrencies in India?
Yeah, I've got confused and have to read it twice. India isn't the sole regulator that can ban bitcoin in other countries. It's that they've banned it in the past but lately about them, they're going to regulate it. There's a source in Wikipedia about countries that have banned bitcoin.(https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory)
You should have included the source of your thread.
November 27, 2021, 01:22:07 AM
First of all your title of the thread is misleading as India is itself a country and you have written countries that have banned cryptocurrencies in India?
So correct the title first of all because they are different countries and not part of India.
Second India has yet to present a bill in the winter session and it still has not banned cryptos but said they will provide regulatory framework and ban some private cryptos which does not include Bitcoin so let's wait for the exact bill for clarification before reaching any conclusions and spreading fake news like this.You can read the articles and you will come to know about the statement of government.Also provide links in your thread from the source of thread so as others could also go through it to read the article.
So correct the title first of all because they are different countries and not part of India.
Second India has yet to present a bill in the winter session and it still has not banned cryptos but said they will provide regulatory framework and ban some private cryptos which does not include Bitcoin so let's wait for the exact bill for clarification before reaching any conclusions and spreading fake news like this.You can read the articles and you will come to know about the statement of government.Also provide links in your thread from the source of thread so as others could also go through it to read the article.
November 26, 2021, 11:31:30 PM
The Indian government on Tuesday announced its plan to ban all but a few private cryptocurrencies while allowing an official digital currency by the RBI. A bill called the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” that seeks to prohibit all private cryptocurrencies in India will be tabled during the Winter Session of Parliament starting November 29. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage.
Through the introduction of this bill, the government’s objective is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. The Bill has been listed for introduction, consideration, and passing in the Lok Sabha and is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29.
Speaking of the ban on all private cryptocurrencies, there has always been a heated debate around cryptocurrency, most notably bitcoin, which is said to be the largest digital currency by market capitalization to date. And due to such controversies surrounding these digital currencies, a number of countries have placed limitations on the way Bitcoin can be used and several countries have totally banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.
Let’s have a look at countries that have banned and restricted the Use of Cryptocurrencies like Bitcoin:
Nepal: The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.
China: Ever since the advent of digital currencies, China has cracked down on cryptocurrencies and been quite brutal with its restrictions. To deal with the crypto giants like Bitcoin, China even introduced their own centrally-regulated digital currency called Digital Renminbi (RMB). The government has also cracked down on mining bitcoins in the country. With this, it can be said that bitcoin is essentially banned in China.
Vietnam: Issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445), as per the State Bank of Vietnam. However, the government doesn’t ban Bitcoin trading or hold them as assets.
Colombia: In this country, financial institutions are not allowed to facilitate Bitcoin transactions. Earlier in 2014, the Superintendencia Financiera warned financial institutions that they may not “protect, invest, broker, or manage virtual money operations”.
Russia: Bitcoin is not at all regulated in Russia, and its use as payment for goods or services is also illegal.
Ecuador: Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.
Bolivia: The government of this nation has put a complete ban on any currency that does not undergo the regulatory radar of Bolivia’s economic system since 2014. The Bolivian government took the decision citing possibilities of various Ponzi schemes and criminal activities.
Algeria: This country currently prohibits the use of cryptocurrency following the passing of financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.
Egypt: In 2018, Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree classifying Bitcoin transactions as ‘haram’, something prohibited under Islamic law. And, hence adhering to the advisory, the country considers any cryptocurrency transaction as ‘haram’.
Indonesia: From 1 January 2018, Bank Indonesia, the country’s central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment.
Through the introduction of this bill, the government’s objective is “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”. The Bill has been listed for introduction, consideration, and passing in the Lok Sabha and is among 26 new Bills, which are to be introduced in the Parliament session beginning November 29.
Speaking of the ban on all private cryptocurrencies, there has always been a heated debate around cryptocurrency, most notably bitcoin, which is said to be the largest digital currency by market capitalization to date. And due to such controversies surrounding these digital currencies, a number of countries have placed limitations on the way Bitcoin can be used and several countries have totally banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.
Let’s have a look at countries that have banned and restricted the Use of Cryptocurrencies like Bitcoin:
Nepal: The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.
China: Ever since the advent of digital currencies, China has cracked down on cryptocurrencies and been quite brutal with its restrictions. To deal with the crypto giants like Bitcoin, China even introduced their own centrally-regulated digital currency called Digital Renminbi (RMB). The government has also cracked down on mining bitcoins in the country. With this, it can be said that bitcoin is essentially banned in China.
Vietnam: Issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445), as per the State Bank of Vietnam. However, the government doesn’t ban Bitcoin trading or hold them as assets.
Colombia: In this country, financial institutions are not allowed to facilitate Bitcoin transactions. Earlier in 2014, the Superintendencia Financiera warned financial institutions that they may not “protect, invest, broker, or manage virtual money operations”.
Russia: Bitcoin is not at all regulated in Russia, and its use as payment for goods or services is also illegal.
Ecuador: Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.
Bolivia: The government of this nation has put a complete ban on any currency that does not undergo the regulatory radar of Bolivia’s economic system since 2014. The Bolivian government took the decision citing possibilities of various Ponzi schemes and criminal activities.
Algeria: This country currently prohibits the use of cryptocurrency following the passing of financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.
Egypt: In 2018, Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree classifying Bitcoin transactions as ‘haram’, something prohibited under Islamic law. And, hence adhering to the advisory, the country considers any cryptocurrency transaction as ‘haram’.
Indonesia: From 1 January 2018, Bank Indonesia, the country’s central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment.
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