The world’s more and more accepting to the use of dryptos as payment method in their countries. This way, we’ve previously talked about countries where cryptos are accepted and where they’re regulated. Nonetheless, not all countries in the world have accepted digital currencies as payment method, and worst yet, they’ve prohibited them. Today we’ll talk a little about the countries where the use of cryptocurrencies is prohibited. We hope it helps.
A country where the use of crypto and cryptomining was accepted, since the PinCoin and iFan scam, it was decided to restrict the use of them in the country. Since August 2018, they also suspended the entering of cryptomining equipment, as with the mining itself in the territory. These restrictions where proposed by the vietnamese Finance Ministry, after the Modern Tech scam. In July of this year, the Central Bank of the country backep up the restrictions and prohibited the use of cryptocurrencies as payment method in the country.
This way, the Central Bank denied to include cryptos among the recognized exceptions of non monetary payments. By Law, it was also prohibited the issue and use of bitcoin and other cryptocurrencies, with the threat of prosecution and a fine up to USD$9.000.
Another country that restricts the use and circulation of cryptos as payment method is Bolivia. According to the resolution 044/2014, the Bolivias’ Central Bank exhaustively restricted the use of non issued or regulated currencies by states, countries or economic zones and electronic payment orders in currencies and money denominations not authorized by the BCB in the national payment system.
This way, the circulation of bitcoin and other cryptos are restricted by ecnomic norms, and cannot be used as payment or transaction method in the territory. Their motive to restrict them was born from a series of ponzi scams that occured in the country. An example of those is the Pay Diamond case, where people tricked others with Bitcoin Cash and derived in the imprisonment of several people.
Nonetheless, many argue the possibility to pay with cryptos because of several legal gaps.
In this country, the use, shop or sell of cryptocurrencies can carry even a penalty of imprisonment up to 12 years.The Bangladesh Central Bank, as the Government, prohibited the use of bitcoin, ethereum, ripple and litecoin, and all cryptocurrency for any transaction. According to this bank, transaction with this currency may cause a violation of existing regulations of money laundering and financing of terrorism.
All banks of the territory must investigate all their users movements and report those that seem suspicious for its possible relation with the cryptocurrency trading. In February 2018, authorities of the country made investigations over those citizens involved in the crypto trading, even when these are restricted.
Anothe country that restricts cryptos is Kyrgyzstan. Their National Bank issued in 2014 issued a statement warning the illegality of the use of virtual currencies as payment method in the national territory. Nonetheless, it’s not prohibited to buy, sell or use cryptocurrencies as a commodity, only its use as payment method. This way, many oversees workers send money to their families in the territory using an bitcoin ATM in the capital of the country.
Similarly, there are promoters of the use of bitcoin and other digital curencies that are trying to change its illegality in the territory.
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