Top 10 Countries Bitcoin Banned News By CNN

[hyper21]

List of Countries that have Banned Bitcoin

Bangladesh 
In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.

“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense,” the bank said in an official statement last September.

The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.

Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:

“It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”

China
It is a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens.

Ecuador
The ban by Ecuador makes the most sense of any ban, as they are building a national electronic cash system, so they feel the need to protect their new currency from something clearly superior. A decentralized currency of finite production that cannot be manipulated by governments or banks might dim the lights on their new program in the eyes of the public, which offers none of those benefits.

Iceland
As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.

India
BTCXIndia was the first bitcoin exchange designed and built in India. While following KYC and AML guidelines, and allowing instant INR (Indian rupee) deposits and withdrawals, BTCXIndia was forced to close by their bank, which no longer services bitcoin businesses. The reasons are unknown, whether it is based on a perceived risk or just a simple ban by management, but the issue is widespread in India.

“We have today been informed by our bank that they will no longer serve bitcoin businesses,” the notice stated. “We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today.”

Russia
Even with the recent legal victory in Ural recently, setting a legal precedent to lift the banning of websites related to bitcoin and other digital currencies, bitcoin is banned in practice, if not officially legal yet. With the Russian ruble rebounding, but still down over 30% from January 2014, banks and the national government aren’t looking kindly on those who are investing in other currencies, digital or not.
Gold purchases are frowned upon in Russia, so proceed with caution.

Sweden
Bitcoin has suffered a small banning in the buying and selling of scrap metal and “waste products”. This sets a bad precedent of government interference for the future, but so far the ban is restricted to this industry by all accounts.

Thailand
According to news reports, the Bank of Thailand ruled bitcoin illegal on July 29, 2013. However, it appears “it issued a preliminary ruling that using bitcoins . . . was illegal because of a lack of existing laws” in the case of a currency exchange license application by Bitcoin Co. Ltd.

Bitcoin businesses have been able to conduct business and get licensing, but the ban technically is still there, if not in practice currently.

Vietnam
Back in February of 2014, Vietnam banned the virtual currency bitcoin for use by credit institutions, citing its ease of use for criminal purposes and its high risk for investors.

“Transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment,” the central bank said in a statement

While not officially banned for personal use but discouraged. This seems to be the most common thread in nation-states throughout the world. Trust the central bank’s currency and do not trust algorithmic currency. If you trust your country’s central bank to look after your economic interests, you’re golden. If not, at least you have a choice. Your central bank’s national currency, or the world’s first global, decentralized, mathematical currency.

MORE DETAIL ON : https://www.ccn.com/top-10-countries-bitcoin-banned/

[dado7]

Good post, however its title is largely misleading. Following all the usual FUD vs reason arguments, I would urge you to change the title to "Top 10 countries that regulated Bitcoin", or to "Top 10 countries that partially banned Bitcoin transactions".

[trecore4]

You have put the correct information here but there is little glitch in it. Most of the countries did published that they dont support the crypto currencies but in reality what there statement meant was completely different. They just published that they dont consider the Crypto Currencies as Legal Tender, and this does not imply to the fact that its completely banned and we cant use it. We can use it but with risk that is responsibility of our own. I am from India and I can confirm that I am still using bitcoin on daily basis and giant like Zebpay is still running just fine with no issues with the banking sector too.

[0t3p0t]

List of Countries that have Banned Bitcoin

Bangladesh 
In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.

“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense,” the bank said in an official statement last September.

The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.

Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:

“It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”

China
It is a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens.

Ecuador
The ban by Ecuador makes the most sense of any ban, as they are building a national electronic cash system, so they feel the need to protect their new currency from something clearly superior. A decentralized currency of finite production that cannot be manipulated by governments or banks might dim the lights on their new program in the eyes of the public, which offers none of those benefits.

Iceland
As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.

India
BTCXIndia was the first bitcoin exchange designed and built in India. While following KYC and AML guidelines, and allowing instant INR (Indian rupee) deposits and withdrawals, BTCXIndia was forced to close by their bank, which no longer services bitcoin businesses. The reasons are unknown, whether it is based on a perceived risk or just a simple ban by management, but the issue is widespread in India.

“We have today been informed by our bank that they will no longer serve bitcoin businesses,” the notice stated. “We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today.”

Russia
Even with the recent legal victory in Ural recently, setting a legal precedent to lift the banning of websites related to bitcoin and other digital currencies, bitcoin is banned in practice, if not officially legal yet. With the Russian ruble rebounding, but still down over 30% from January 2014, banks and the national government aren’t looking kindly on those who are investing in other currencies, digital or not.
Gold purchases are frowned upon in Russia, so proceed with caution.

Sweden
Bitcoin has suffered a small banning in the buying and selling of scrap metal and “waste products”. This sets a bad precedent of government interference for the future, but so far the ban is restricted to this industry by all accounts.

Thailand
According to news reports, the Bank of Thailand ruled bitcoin illegal on July 29, 2013. However, it appears “it issued a preliminary ruling that using bitcoins . . . was illegal because of a lack of existing laws” in the case of a currency exchange license application by Bitcoin Co. Ltd.

Bitcoin businesses have been able to conduct business and get licensing, but the ban technically is still there, if not in practice currently.

Vietnam
Back in February of 2014, Vietnam banned the virtual currency bitcoin for use by credit institutions, citing its ease of use for criminal purposes and its high risk for investors.

“Transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment,” the central bank said in a statement

While not officially banned for personal use but discouraged. This seems to be the most common thread in nation-states throughout the world. Trust the central bank’s currency and do not trust algorithmic currency. If you trust your country’s central bank to look after your economic interests, you’re golden. If not, at least you have a choice. Your central bank’s national currency, or the world’s first global, decentralized, mathematical currency.

MORE DETAIL ON : https://www.ccn.com/top-10-countries-bitcoin-banned/

How about if these countries will  support cryptocurrency in.the near future? Banning cryptocurrency is not always an option they just want their local fiat currency to dominate without even having competition. These countries might changed their mind soon and instead of banning they will allow and embrace it. Blockchain technology will become a big name very soon and it might help the country with it's economic ties between other cryptocurrency friendly countries like Japan, Europe and many others.

[Maestro75]

Zimbabwe, a poor country in Africa, has also joined the list of countries that have banished bitcoin. It is a pity that a poor country like that can be pilling up more sorrow and poverty on its people by preventing them from trading in bitcoin.

[b3j0]

why after bitcoin is known to many people they issue such statements? they should not prohibit but also not allow it to run without rules. I only agree if bitcoin is prohibited to be used as a paying tool.

[SuperD007]

Strange that Thailand and Vietnam have banned Bitcoin but has no plans of doing so.

I would have expected South East Asia to be pro crypto as a whole.

[faupou]

Yes maybe for now they will ban it but if bitcoin prices get to the moon there will make them think a little further, where it will be very profitable in the future, believe bitcoin is a very up-to-date technology and for the future and beyond, not presuming that a technology that one can not break into it then most smarter countries would prefer to study Cryptocurrency and Blockchain for their future, then it would only be a momentary problem where a country that wants to go forward must follow the current trend and follow a more advanced state a few steps away from him, so that there is a balance, great in pity if not thinking in that direction.

[Ulan01]

Zimbabwe, a poor country in Africa, has also joined the list of countries that have banished bitcoin. It is a pity that a poor country like that can be pilling up more sorrow and poverty on its people by preventing them from trading in bitcoin.

I agree with you, they should not prohibit, but to improve the system and support its existence. although prohibiting the use of transactions at least provides the flexibility to invest in bitcoins. because this will help improve the economy of many people.

[bobo012]

Zimbabwe, a poor country in Africa, has also joined the list of countries that have banished bitcoin. It is a pity that a poor country like that can be pilling up more sorrow and poverty on its people by preventing them from trading in bitcoin.

Was just looking to say that he can add zimbabwe to the list now lol. Unbelievable how they want to suppress even more the people who are already suffering hard.

[victorski]

Wow...I even didnt know that bitcoin is already banned in Russia, maybe not in Russia overall, but in some part of it? China too...

[Omega Weapon]

Zimbabwe, a poor country in Africa, has also joined the list of countries that have banished bitcoin. It is a pity that a poor country like that can be pilling up more sorrow and poverty on its people by preventing them from trading in bitcoin.

You must remember governments only care about themselves and their own well being they do not really care about the well being of their citizens, Zimbabwe is a country with a very damaged economy, in fact the Zimbabwe dollar has become a joke and a reminder of what happens with the government fails completely at managing the economy and since bitcoin could be used as  a store of value they have forbidding it because they want to steal everything they have.

[ahmad21]

I guess all of them have not banned cryptos except a few. Most of the countries you mentioned have given just negative statements about their intentions, which are not in the favor of Bitcoin. For instance, India has not banned Bitcoin. They had just ordered banks not to deal in cryptos transactions. This does not mean that they have banned it. Similarly the people of other such countries might be still investing in Bitcoin.

[Cult]

It's rather nonsense about Russia. Cpryptocurrencies are currently not regulated there at all. Russian governments are considering regulating (and their plan is rather bad, in my opinion), but now all crypto is in a so-called grey zone.

[Nuex]

very interesting information to read and discussed, it turns out that big country like china and russia have not fully legalize bitcoin.

[omfg.xekcep]

Let us tell the truth there are not so much economic successful countries in the list. There is only one monster is China in the list. I consider that principal beneficiaries which affect on crypto market are Europe, America, Asian region so forth therefore it is very important to have a look at them.
I think that it is not right to ban cryptocurrencies because this ban blocks new technologies in a country.

[usekevin]

Bitcoin transaction and crypto related business is banned in Bangladesh first.Since it is small region,they have a fear about their economy.China easily adapt the new technology,but they ban bitcoin due to mass involvement of Chinese.In India,bitcoin is neutral open.

[intoy_victor]

Our government allows the use of bitcoin. They do not implement negative actions by using such cryptocurrency but some banks here banned it. They are afraid of the fact that these currencies are volatile when it comes to its price value thats why they ban the use of it in their transactions. However, when it comes to government, for them the use of these cryptocurrency is not illegal but too risky in means of transactions.