By Kevin Gabeci on The Capital
Even with the latest surge in Bitcoin still, there are a few countries in the world where don’t fully see the benefits of the cryptocurrency. There is no doubt now that we are in the middle of a cryptocurrency revolution and yet these countries choose not to partake. Granted different governments have different policies and this is the main reason for them not being allowed. Some of the world's largest and influential countries are also against the use of cryptocurrencies. I’ve gathered a small list of those countries and the reasoning they are giving as to why it should not be allowed.
Russia
In March 2020, Russia issued a bill that would effectively ban all uses of cryptocurrencies. Previously the use of Bitcoin for payment and services was illegal but nothing was said about mining it or holding the coins as an investment. When the pandemic of Covid-19 started the economy began to destabilize and the government wanted to take things into its own hand. This way ensuring no de-stability and effectively banning the Cryptocurrency completely. This bill was issued a few months after a big scandal that occurred there as well including hundreds of ASIC miners running with stolen electricity. I don’t really know if this pushed in this decision making but it’s not a small thing to oversee since the losses where huge.
Iran
Not shy of controversies this year, Iran is also against the usage of Bitcoin as a financial alternative and also making transactions. However, nothing is against mining if done legit and by following some guidelines. In fact, there was a huge factory and the first of its kind to open there a few months ago. With more than 1000 ASIC devices available and ready to mine the crypto coin. The Central Bank of Iran has officially banned the use of cryptocurrencies as financial transactions. This measure was taken as part of the actions of Tehran to control the money market and to prevent money laundering and terrorism.
Bolivia
Bolivia is another country that is against the use, sale, and purchase of Bitcoin. The Bolivian government also does push the narrative that the crypto coin is a scam and that people should not buy the coin. Despite the government propaganda, Bitcoin still has an audience in the country, particularly a group that chats via an online chat room and meets under other, hidden, pretends. An incident happened in 2017 where 60 people of that said group were arrested but their fates were never revealed truthfully since the media can't be trusted there.
Egypt
In Egypt, Bitcoin was banned in 2017 by the authorities with the pretense that it was against the Muslim Law. The situation is not that dire there since you can buy and sell the coin fairly easily within the country. Since the religious decree was put in place the government has slowly started to get an understanding of what the possibilities of the cryptocurrency are. They are starting to accept it little by little and someday they might even think of launching their own currency.
Ecuador
Here the measures are a lot more extreme since the cryptocurrency it’s banned entirely. The government claims that this is because the use of online currencies would damage their new electronic money system. They claim that there is a technological interference. This is not a solid reason and it’s believed the real motive why it’s because they don’t appreciate something that they cannot control.
Closing remarks
Even though we all know by know that cryptocurrencies are the future of fiat we shouldn’t go against the laws of our country. Make sure to read the official statements and laws regarding it before committing to buying or mining. However, I do believe that most of the countries that have not yet adapted Bitcoin will soon do it in the near future. You just have to wait and HODL the coins!
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Countries That Bitcoin is Banned in 2020 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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