Cryptocurrency trading has now become a lucrative commercial area. Without a ban, without a central authority to mediate in cryptographic matters, the field has also attracted much attention over the years, which has taken several countries to introduce a ban on cryptography in their regions.
In addition to this, the world is now divided into two spaces. One where cryptomonma seems to flourish and the other where cryptography is inaccessible to the masses.
Let’s take a look at the regions where cryptocurrencies are banned and the countries where cryptocurrencies have now been transformed into a legitimate speculative business.
Where in the world is cipher banned?
The legality of cryptocurrencies varies drastically from place to place, and the definition of what is legal depends on the country.
In most countries, cryptocurrency is either legal or unregulated. This includes places like the European Union, United Kingdom, EE. UU., Canada and Australia.
Without restrictions, it is totally banned in some places.
These are the countries with a ban on cryptocurrencies.
- Algeria
- bangladesh
- Bolivia
- Porcelain
- Columbia
- Egypt
- Indonesia
- Iran
- Iraq
- Kosovo
- Nepal
- northern Macedonia
- Vietnam
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Legal or illegal: countries in dilemma over banning cryptocurrency
While different regions have clarified their position on cryptocurrency trading and exchange, some countries need to specify their position on cryptocurrency regulation and need to approve cryptocurrency trading in their respective regions.
Here are some examples of country stories.
India
India still needs to create a regulatory infrastructure so that cryptocurrencies can function in the country.
Various news sources have confirmed that the country hopes to adopt blockchain technology. Not surprisingly, in recent months, several reports have surfaced suggesting that India’s central bank wants to ban cryptocurrencies.
According to TechCrunch, India’s Finance Minister Nirmala Sitharaman says: «[Reserve Bank of India] is of the opinion that cryptocurrencies should be banned ”.
Russia
According to a CNBC report, the country has drafted a new law that strictly prohibits any form of digital payment.
Under the new law, it is illegal to trade in cryptocurrencies and NFT in Russia.
Without a ban, it is known that the country has previously favored trading in cryptocurrencies, and Kremlin politicians, including Russian Prime Minister Vladimir Putin, have proposed making use of cryptocurrencies and issuing statements promoting the use of cryptocurrencies. Mining bitcoins as a viable technology for advancement in recent times. .
United States
The United States has already clarified its position on cryptocurrency trading; without embargo, trade in cryptocurrencies remains acceptable in the region.
Without embargo, the country has issued several statements on how it is editing a bill to address cryptocurrency trading and related formalities. But it remains to be clarified whether cryptocurrency trading is legal or not in the country.
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