Countries That Bitcoin is Banned in 2021

Without a doubt, we are in the cryptocurrency revolution that will shape the world for the future but not everyone has figured it out yet. Even though Bitcoin has seen a huge rise in popularity and also in the price there are still many countries that forbid it completely.

Only a few days ago Bitcoin was accepted from banks of America as an additional asset which means its acceptance is through the roof. And not to forget about the staggering 1.5 Billion dollars that Tesla put into Bitcoin. Even with these huge developments these countries that I will list below still don't trust and don't allow this cryptocurrency in their territory.

Algeria

From the Northern Africa territory, Algeria is one of the countries that completely ban the usage of cryptocurrency. The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.

Bolivia

Bolivia is one of the rare countries where cryptocurrencies have an absolute ban. The authorities explain that this resolution comes to protect their citizens from any Ponzi scheme or pyramid scheme. Any kind of currency that is not issued and controlled by a government or an authorized entity it's banned. Despite recent pushback for the legislation, there is still not enough 'force' to overturn this law.

North Macedonia

North Macedonia is the only European country where cryptocurrencies like Bitcoin, Etheruem, and others are completely illegal. Investing in cryptocurrencies is illegal and the national banks warns that crypto transactions are associated with criminal activities. The Central Bank also warned its citizens that speculating in cryptocurrencies is a financial risk, as the platforms where these exchanges happen aren't regulated by law.

China

Well, this is a tricky question because China initially banned the ICOs. Then there were rumors about banning the whole mining operations that happen there completely. That would have had a massive impact on the whole Bitcoin blockchain since there is a large number miners from China. The bank of China does not constitute Bitcoin as money and bans the trading of it however the country has started developing its own crypto coin. It's safe to say that the trade ban will end when their cryptocurrency goes live.

Morocco

Bitcoin and other cryptocurrencies are completely banned in Morocco. If you own, trade, or have anything to do with the crypto space you will get fined or even jail time depending on the severity. These laws are not going to change any time soon for this country so if you are from there you can forget about it completely.

Closing Thoughts 

The majority of countries that accept and have made Bitcoin legal are in the Americas and Europe, which means highly developed countries. There are some countries in Asia that accept it partially but are still working on regulations so that there's no tax invasion or money laundering happening. 

The countries where Cryptos are banned have different histories however since some of the bans come from religion, political direction, etc. Hopefully, with the passing of time, they will understand that this is the evolution of human money and will accept it in their locations.