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Bitcoin trading banned in china9 Exchanges to Buy Bitcoin & Crypto in China ()
Fiscal Policy. Your Money. Personal Finance. Your Practice. Popular Courses. News Markets News. Compare Accounts. Note that despite the bans and restrictions, these laws have not eradicated Bitcoin or other cryptocurrency trades and their usage. Due to the nature of decentralized cryptocurrencies, it is simply impossible to ban them.
Many individuals in those countries still make use of sites like Local Bitcoins , Paxful or Bisq to trade it with others, as indicated by the trading volumes on these platforms. This just serves to prove that no government holds the power of truly ban Bitcoin unless they prohibit the usage of the internet for the entire nation.
On a positive note, research shows there are at least states where Bitcoin and cryptocurrencies are recognized by law and are legal. For instance, major countries like the United States and Canada hold a generally crypto-friendly attitude towards cryptocurrencies while also trying to enforce anti-money laundering laws and prevent fraud.
Meanwhile, in the European Union, the member states are not allowed to launch their own cryptocurrency, but crypto exchanges are encouraged to be legalized and comply with the regulations.
In such cases, the usage of BTC is legal in the sense that you can own it, but there are no clear rules or legal protection concerning its status. These countries are either already creating a legal framework for Bitcoin and cryptocurrencies, or have taken a wait-and-see approach. Fears of widespread cryptocurrency crackdowns have had a long-standing effect on Bitcoin. Because of that, many people are wary of the trustless system and rely on traditional systems instead.
Regardless, a growing number of governments choose to embrace digital innovation and play a role in the industry. At the same time jurisdictions which oppose the emerging industry are at risk of being left behind. Ironically, these countries already are some of the poorest nations in the world, and widespread Bitcoin and cryptocurrency crackdowns seem to yield no favorable results to improve the situation.
Quite the contrary; embracing the cryptocurrency businesses with favorable regulations present an excellent opportunity to bring in innovation, capital, tax revenue and improve the living standard for the whole population.
You may also like to read: How to buy Bitcoin? Keep in mind not recognizing or supporting the use of bitcoin and banning bitcoin are two different things. This article focuses on those who ban bitcoin legally, or in practice. The list, in general, is not much above ten, but that is subject to change, as many countries have not made an official decision for or against bitcoin.
These are the Top 10 bannings of bitcoin, via official statement banning the currency nationally, or in practice, in alphabetical order. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison. The ban comes as an enforcement of sections 4,5 and 8 of the 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. 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.
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.