There are a handful of countries that are regulated against cryptocurrencies, but if you’re wondering which ones are outright illegal, read on. The Library of Congress regularly identifies which countries are allowing cryptos and which ones are not. In November, the Library of Congress released a report identifying the 103 countries that were regulating cryptocurrencies. Of those, nine of those countries had explicitly banned the use of cryptocurrency, while more had only prohibited it in an implicit manner.
There are several reasons why certain countries don’t allow the use of cryptocurrency. The National Bank of Bangladesh has banned mining, and the government is considering a complete ban. Russia has also restricted the industry, requiring exchanges and banks to register with the Central Bank. And while the Saudi Arabian government once banned Bitcoin, they’ve since legalized it. However, banks are not allowed to participate in crypto exchanges, and Turkey doesn’t allow cryptocurrencies to be used as currency or payment tools in the country.
El Salvador recently became the first country to recognize Bitcoin as legal tender. However, the move has been controversial and has triggered protests. Even the International Monetary Fund has voiced its concern about legalizing the cryptocurrency. The IMF cited concerns over consumer protection and financial stability. Bitcoin is also notoriously volatile – as of Thursday, it was trading at $39,686. It has lost 42% since peaking over $68,000 in November.
