Countries Where Cryptocurrency Is Still Not Accepted
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Countries Where Cryptocurrency Is Still Not Accepted

May 19, 2020      Aditya Nagar

If you are a crypto enthusiast, then you must be knowing the underlying factor behind the evolution of the cryptocurrency. For those who are new to this digital financial world, let us tell you that it is the Bitcoin which introduced the concept of cryptocurrency to all over the world. After the success of this latter digital coin, there came follow-up of new cryptocurrencies, which are also called altcoins. Although, the journey of cryptocurrency is never being so easy as it is not seen as a much-secured form of the financial asset. There are countries where cryptocurrency is still not accepted. However, nothing much has affected the use of Bitcoin. Many people are still interested in investing in cryptocurrency.

No matter how much success cryptocurrency has made through these years, still, some countries follow all the attempts in suppressing the evolution of the Bitcoin and to regard it as illegal means. Cryptocurrencies might have got relief from the ban by the Supreme Court of India currently. But still, some countries have yet not approved the legality of these digital technologies. These countries have passed laws that state banning the use and holding of cryptocurrencies. The most adorable digital coin, Bitcoin, is still been considered in a grey area. The use of this popular digital coin has been made 100% illegal by some countries. No one can even buy Bitcoin anonymously here.

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Where Bitcoin is making all efforts to bring favourable changes in the financial system, there are authorities who with the use of their power are trying to intercept it to not let it happen at any cost. To amend the regulations, these authorities are trying their best way to impact the adoption of Bitcoin by terming it to be an illegal currency.

Now let us introduce those countries where cryptocurrency is still not accepted.

Nepal

Nepal is one of those countries where cryptocurrency is still not accepted. Cryptocurrencies were declared illegal by Nepal Rastra Bank on 13th August 2018.

Bangladesh

Joining the list is Bangladesh. It has strictly banned the use of cryptocurrency and has laid down laws that whosoever caught red-handed in trading in it, will have to face the brunt of the law. The announcement was made by the central bank of Bangladesh in September 2014.

Egypt

Egypt also falls under the category of those countries, where cryptocurrency is still not accepted and is been prohibited under Islamic law known as haram.

Pakistan

Like the above countries, cryptocurrencies are not given warm welcome in Pakistan. These digital currencies are strictly banned in this Islamic nation. The banks here strictly prohibit the use of these currencies.

Bolivia

Here comes another name in the list of countries where cryptocurrency is still not accepted. Back in 2014, the use of cryptocurrencies was banned by Bolivia. It was banned because it was being used for unlawful activities.

Conclusion

All the above names are those countries where cryptocurrency is still not accepted. The concept of cryptocurrency might have got relief after being accepted in India. If you are abreast of cryptocurrency latest news, then you will know that RBI never came in support of this digital currency concept and put the ban on it. However, since the ban has been lifted off by the Supreme Court of India, people are now allowed to trade in cryptocurrencies of their choice. But still, there are countries like Pakistan, Bolivia, Nepal, Bangladesh, and Egypt where trading in cryptocurrency is still a crime according to their law. So don’t make any blunder mistake by trading cryptocurrencies in any of these countries.

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Aditya Nagar
Aditya Nagar

Aditya is enthusiastic about reading all about the Cryptocurrency and loves to get updated about the recent developments that take place in crypto industry.