I heard that some countries banned Bitcoin and 2 of them are China and Russia because the goverment think that Bitcoin deals are speculative, and the currency is always risky. But is it correct because there are a lof of Chinese use Bitcoin now?
amid rising bitcoin prices, concerns arose on the security and use side. Therefore, some countries prohibit the use of digital currency as a means of payment and legitimate transactions.
The following is a list of countries that prohibit the use of digital currencies:
1. Nigeria
the country has banned the use of digital currencies since January 17, 2017.
2. China
The Bamboo Curtain has banned the use of digital currency since January 8, 2017 because the People's Bank of China (PBOC) will launch its own currency.
3. Colombia
the country located in South America has banned the use of cryptocurrency since December 31, 2016 ago, for fear of bubble or economic bubble.
4. Taiwan
the country has banned the use of virtual currency due to hacking of bitcoins occurring in the country.
5. Ecuador
the country located on the western coast of South America has banned the use of digital currency since March 24, 2015, because it will issue its own currency.
6. Bangladesh
a country located in eastern India, the Bay of Bengal, South Asia has banned the use of digital currency since September 22, 2014 for fear of money laundering.
7. Kyrgyzstan
Since August 4, 2014, the country has banned the use of virtual currency.
8. Bolivia
The country located in the center of South America has banned the use of virtual currency since June 19, 2014.
9. Vietnam
since February 28, 2014, the country has banned the use of cryptocurrency because it can be used for crime and has a high risk for investors.
10. Russia
since February 9, 2014, Russia has banned the use of virtual currency because it can be used as an illegal activity.
11. Thailand
Since July 30, 2013, Thailand has banned the use of bitcoin because it considers that bitcoin is not a currency.
12. South Korea
South Korea (South Korea) is a country located in East Asia, the Korean Peninsula. Since December 13, 2017, South Korea has banned the use of virtual currency because it wants to control the state finances.
13. Singapore
this small country has banned the use of virtual currency since September 29, 2017 due to constraints arising between financial companies.
14. Indonesia
the plan, will ban the use of bitcoin by 2018 because bitcoin has a high risk of bubble or economic bubble
