Bitcoin Forum

Bitcoin and other cryptocurrencies are polarizing phenomena. Economists and governments disagree on how to handle them. While countries such as Japan and Belarus want to take advantage of the new technology, other countries simply prefer to ban it. Today, we present you with an infographic of countries that have banned Bitcoin.

We want to start by explaining our methodology. Although many countries, organizations, and important individuals are strongly opposed to cryptocurrency, relatively few of them have decided to take specific legal steps. We’ve therefore chosen countries that have introduced specific legal sanctions for the use of Bitcoin and other crypto through legislation, central banks, or other official organizations.

Banning cryptocurrency is more difficult than just saying “it’s banned.” While Nepalese authorities have arrested a few individuals, there are relatively few reports of legal measures against ordinary citizens. Since Cryptocurrency is so new, governments are in the process of responding. Hardly anyone wants to take responsibility for problems caused by further prohibitions. Nevertheless, after the actions taken by regulators in several countries, that idyll may not last much longer.

more: https://dowbit.com/infographics-countries-banned-bitcoin/

Cryptocurrency as represented by Bitcoin caught many of those in the government by surprise hence we should understand that many just choose the easy way to deal with the matter and that is banning the whole thing just like what China did after some months of experimenting with the whole thing. I am not surprised at all why Bitcoin has become a polarizing kind of thing since Bitcoin from its very inception is really planned as a disruptor. In fact, I consider Bitcoin as more disrupting than the internet because with the internet control-freak regime can implement censorship but with Bitcoin they really find it hard to control its use and spread. And even in China right now peer-to-peer trading is till very much alive even if the government has already decided to curtail its trading. Good thing that we have Japan which embrace Bitcoin with gusto and is now becoming the most important model for Bitcoin acceptance and regulation. I still believe that given time and when cryptocurrency would really mature, we can have those banned countries open up their markets.

India has declared BTC as illegal tender of currency and deemed it as 'ponzi' scheme. But hasn't banned anonymous trading yet, and that is just so to collect taxes from people who have made profits. But if it were to happen it would be a shame because 11 per cent of BTC value in circulation in India. So, the owners could be left stranded with their wealth.

At least the ban hammer has hit only a small number of countries but any good running business knows that its this minority number that it needs to win to make a bold difference and bitcoin needs its tables turned around as the technology keeps growing because if nothing is done these could dent bitcoin and other cryptos names.