Countries Where Bitcoin Is Banned and Legal

Countries Where Bitcoin Is Banned and Legal

Bitcoin is one of the most popular materials in the investment community. It has been the favorite of those who used to invest in dollars, gold and stocks in recent years. Since the creation of crypto money , it has gradually managed to attract and attract everyone. Bitcoin was also the star of them!

As is known for Bitcoin and all types of cryptocurrencies, the legal frameworks have not been fully drawn. There are countries that accept legal, illegal (illegal) and do not make any classification. When we look in general; You can see that in the world for the most part, Bitcoin is not recognized and protected by law. This not being recognized does not mean that it is forbidden. But there are countries that draw a clear line in this regard. Now let’s talk about those countries.

Countries Where Bitcoin Is Banned

There are countries that clearly ban Bitcoin and other cryptocurrencies because they see it as a threat to their existing economic order. Each of them has different penalty systems for investing in Bitcoin, which can range from imprisonment. China is one of the countries that strictly ban BTC. The reason for this is thought to be NEO , the cryptocurrency he created .

Other countries other than China that ban BTC:

  • Afghanistan
  • Pakistan
  • Bangladesh
  • Algeria
  • Macedonia
  • Saudi Arabia
  • Qatar
  • Vietnam
  • Vanuatu
  • Bolivia
  • Russia

Countries Putting Restrictions on Bitcoin

Although not as strict as the countries above, there are also countries that control under the name of “limited use”. These countries do not allow or supervise banks and financial centers to deal with cryptocurrency exchanges.

  • India
  • Ecuador
  • Indonesia
  • Morocco
  • Zambia
  • Egypt
  • Nepal
  • American Samoa

Countries Where Bitcoin Is Legal

It means legalizing Bitcoin; It means that two important headings come into life, namely taxing the income from investments in Bitcoin and dealing with legal means in case of any fraud. The biggest aim of the countries that legalize this is to prevent crimes such as money laundering and fraud through Bitcoin.

It has been determined that there are 111 countries that accept Bitcoin as legal. Some of them are:

  • Japan
  • England
  • America
  • Canada
  • Malta
  • Ukraine
  • Switzerland
  • Estonia
  • Slovenia
  • Hong Kong
  • Georgia
  • Singapore
  • Germany
Countries That Don’t Draw Clear Lines to Bitcoin

In addition to all these countries, as we mentioned at the beginning of the article, the number of countries that do not have a legal definition of BTC is quite high. However, many of them state that they continue to work on the subject.

Some of those countries are:

  • Turkey
  • Argentina
  • Kenya
  • Jordan
  • Kazakhistan
  • Malaysia
  • Maldives
  • Colombia
  • Panama
  • United Arab Emirates
  • Tanzania

To take a realistic approach, none of these classifications prevent or reduce BTC investments worldwide. BTC investments continue to be made even in countries where it is prohibited. Of course, this is seen as an illegal business for that country, but investors must not care much or find a legal way.

The predicted situation is that one day BTC will become a world-recognized currency. But of course nobody knows. We will see what happens over time.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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