In the United States and Canada has no problem with Cryptocoin like Bitcoins which is completely legal to own, buy,sell and mine. there are some countries where cryptocurrencies are illegal;
1. Bitcoin in Nepal
Nepal Rastra Bank (Central Bank of Nepal) has mentioned that it is illegal to own, buy, sell and mine the Bitcoin within Nepalese territory by issuing the notice on Bitcoin in 13th August 2017.
Therefore the trading of Bitcoin in Nepal is considered illegal following several arrests of Bitcoin traders in 2017 that resulted in combination of fines and jails term for those involved.
Therefore the trading of Bitcoin in Nepal is considered illegal following several arrests of Bitcoin traders in 2017 that resulted in combination of fines and jails term for those involved.
The reason behind the restriction is to control the illegal activities like smuggling and trading of drugs or illicit merchandise. Another reason behind the restrictions my be to control on the black money avoiding underground economy.
2. Bitcoin in Bolivia
Bitcoin and other cryptocurrencies in Bolivia is termed as illegal. As per the statement issued by the Bolivia's Financial System Supervision Authority (ASFI), its head Lenny Valdivia Bautista said it was necessary to remind the people that virtual currency or any kind is prohibited.
People find trading bitcoin and other virtual currencies is fined and number of the traders have been arrested.
3. Bitcoin in Morocco
Morocco’s Foreign Exchange Office and central bank have issued a public statement (as per the translated Statement) stating that transactions made via cryptocurrencies are banned and will be punishable by fines.
The office emphasizes in their statement to comply with provision of the foreign exchange regulations, International Financial transaction must be carried out through authorized intermediaries and only with the foreign currencies listed by the Bank Al-Maghrib, Central Bank of North African Country adding the "hidden payment system that is not backed by any financial institution.”
4. Bitcoin in Ecuador
Ecuador is the first country to roll out its digital currencies. to reduce the competition to their own digital currencies Ecuador banned the Bitcoin as a currency. This official Ecuadorian currency isn't a cryptocurrency and isn't based on block chain technology.
Restriction of buy and sell and mine is not strictly banned in Ecuador like other countries, small population are using this currencies. there are several ways to buy and sell the Bitcoin in Ecuador
5. Bitcoin in China
China has banned trading of Bitcoin and other cryptocurrenices in September 2017. Even after the ban demand of cryptocurrencies are raising due to the technological advancement people started to trade through mobile chat applications like WeChat. Trade in bitcoin involves buyers interacting directly – on a one-to-one basis – with sellers on deals, instead of in a centralized marketplace or exchange.which is most popular in china.
6. Bitcoin in Nigeria
Central Bank of Nigeria (CBN) on January 2017, has passed a circular to inform all Nigerian banks that all transaction in bitcoin and other virtual currencies have been banned in Nigeria. Therefore, trading of virtual currencies is illigal in Nigeria due to the reason that none of the person, companies or entities promoting Crypto currencies are authorized by the regulatory agency of Nigeria.
7. Bitcoin in Columbia
Columbia, a Latin American country has been announced that trading of Bitcoin is illegal. The superintendent of Columbia (Superintendencia de Sociedades), made the announcement in January 2016 that the only legal currency in Colombia is the Peso, making the digital currency Bitcoin is illegal.
8. Bitcoin in Taiwan
In November, 2015 the Bitcoin declared illegal in Taiwan. The Chairman of the Financial Supervisory Commission (FSC) has declared Bitcoin to be illegal in Taiwan, following a recent high-profile kidnapping accident involving ransom demands made in Bitcoin. the national news agency Focus Taiwan announces the news of Bitcoin.
9. Bitcoin in Bangladesh
One of the SAARC Country Bangladesh Banned the Bitcoin in September, 2014 by publishing the statement by the central bank. the reason be\hind it as stated by the central bank over Bitcoins that lack of “a central payment system” which could lead to people being “financially harmed” and added that trading in bitcoin and other digital currencies could lead to punishment.
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