We know that it is not possible to ban bitcoin directly, but to create mechanisms that make its use or acquisition difficult, running the risk of being arrested, fined or other problems with the government. And there are several countries where they create these impositions on Bitcoin.
With that in mind, I decided to do some research on the subject and found an interesting article from EuroNews - Bitcoin ban: These are the countries where crypto is restricted or illegal. The information contained in the article is already a year old, but it allows you to have an overview.
The article presents 18 countries that have created restrictions on Bitcoin. Here is a small compilation of what is involved in these restrictions in these countries.
#Algeria - Since 2018 it has been illegal to buy, sell, use or hold virtual currencies.
#Bangladesh - Officially there are bans on the use of cryptocurrencies, with penalties of up to 12 years. However, they have had a soft strategy on the subject, with no record of convictions.
#Bolivia - The use of Bitcoin has been prohibited since 2014 (this ban was very early).
#China - We are well aware of China's history with respect to cryptocurrencies, which have intensified their ban after the Terra Luna incident.
#Colombia - Also since 2014, financial institutions cannot have any activity related to Bitcoin: “protect, invest, intermediate or administer virtual money operations”.
#Egypt - By religious decree, since 2018, bitcoin transactions have been prohibited by Islamic law. And since 2020, any trading or promotion of cryptocurrencies must have a license from the Central Bank.
#Indonesia - The use of cryptocurrencies as a form of payment has been banned since 2018.
#Ghana - Despite cryptocurrencies being illegal, there appears to be interest from the central bank in blockchain technology.
#Iran - Cryptocurrencies mined outside the country cannot be traded, but Bitcoin mining is encouraged.
#India - It is one of the worst countries, because since 2021, it is a crime to own, issue, mine, trade and transfer cryptocurrencies.
#Iraq - Efforts have been made to block and hinder the use of cryptocurrencies, despite the fact that they are becoming increasingly popular in the country.
#Kosovo - Due to the energy crisis in the country, any mining activity is prohibited.
#Mexico - Even though cryptocurrencies are banned, the largest cryptocurrency exchange in the country - Bitsos, has more than 1 million users.
#Nepal - The central bank has declared Bitcoin illegal since 2017.
#North Macedonia - It is the only European country that officially bans cryptocurrencies.
#Russia - Where some of the largest mining centers in the world are located, despite the fact that it is prohibited and cryptocurrencies can be confiscated.
#Turkey - The direct or indirect use of bitcoin to pay for goods and services is prohibited. And trading on exchanges is limited to a group of companies chosen by the government, under various rules.
#Vietnam - Payments using cryptocurrencies are prohibited, but they can be used as assets.
How do you think bitcoin users deal with these situations?
How do they manage to get around these restrictions without getting caught?
Do you think, what more countries can join this list?
