FX.co ★ Top 5 Countries in Which Cryptocurrencies are Banned

Some states are in the stage of forming their attitude to cryptocurrencies, and many are ready to approve them, experts say. However, there is a number of countries where the attitude towards digital means of payment is negative. Moreover, virtual money is banned there.

China

The first place is given to the PRC. In the Middle Kingdom, the problem of the authorities' attitude towards the cryptocurrency community is still acute, as evidenced by the recent ban on ICO and the withdrawal of many large crypto-exchanges from the Chinese market.

Bangladesh

The second place in this anti-rating is awarded to Bangladesh, where you can get 12 years in prison for any activity with cryptocurrency. The ban was introduced three years ago and has not yet been lifted.

Bolivia

The third place on the severity of the ban on digital money is held by Bolivia, where people cannot work with cryptocurrencies since 2014. They are considered a threat to the national currency as the other means of payment not controlled by the state.

Kyrgyzstan

The fourth place in the list of countries with the negative attitude towards virtual means of payment is occupied by Kyrgyzstan. Three years ago, the National Bank of the country issued a decree according to which the use of bitcoins and other cryptocurrencies was recognized as illegal. The only official means of payment here is Kyrgyz som.

Vietnam

The fifth place goes to Vietnam. In the same 2014, truly fatal for digital means of payment, the country forbade institutional organizations to work with bitcoin. The ban was not extended to ordinary citizens: they could still conduct any operations with the cryptocurrency. This year Vietnam intends to cancel the ban for organizations. Changes to the legislation are planned to be made until December 2017.