Countries that shun Bitcoin and other cryptocurrencies

Hey guys. I just thought I'd throw up something for you all to digest. Due to the unregulated nature of crypto, there are a LOT of governments getting nervous. We mostly hear about the countries that largely embrace Bitcoin and Blockchain technology, but we don't really get that much news on the countries that are cracking down on crypto (or maybe I just don't watch enough news).

More specifically, there's a lot of central banks getting nervous. Money has always been traditionally centralized through banks. But crypto is threatening to upset this ol' traditional system of ours. I just found it interesting how many countries are resisting crypto.

I threw together a short list of countries that fall into this category.

Venezuela
So from what I've seen Venezuela is easily amongst the worst offenders. People have been arrested for using Bitcoin which is absolutely mind-blowing, though who could blame them. Their economy is complete crap right now. It's insane. Just Google "Venezuela current affairs". It's crazy over there guys, no joke.

Iran
Technically speaking, Crypto is illegal in Iran, but nobody's really enforcing anything. They're playing a "wait and see" game right now.

Bangladesh
Now we have Bangladesh. These guys aren't playing around. Their central bank has warned people not to use crypto and apparently you could face up to 12 years in jail for trading, which puts Venezuela to shame. Haven't heard of any mass roundups or anything. They're probably just trying to scare people.

Iceland
In Iceland crypto is actually illegal because they're afraid of capital flight (when money basically flows out of a country like an uncontrollable stab wound).

Bolivia
Bolivia also banned crypto trade due to fears of monetary instability. They're also afraid of tax evasion issues, which could very well happen.

There are a lot more countries who have zero love for crypto. My thoughts on the matter: crypto is dangerous (to central banks and such). It's unregulated. It can't be taxed (not yet anyway). It can't be touched by the world's governments. It can't be touched by the world's BANKS and guess what that means. Less money in the pockets of bankers and the other shady individuals who handle our money (that might just be the conspiracy theorist in me).

These are just my thoughts guys. If you know of any other countries that belong on this list please throw it in the discussion.

In Kenya, the Central Bank has categorically stated that Bitcoin isn't a legal tender in the country https://www.centralbank.go.ke/images/docs/media/Public_Notice_on_virtual_currencies_such_as_Bitcoin.pdf

However, the minister for ICT has formed a task force to look into blockchain and how the technology can help resolve some of the institutional issues in the country. Truth be told, it's like they are testing the waters with one foot. They will get the hang of it eventually.

@cryptoqueen Correct me if I'm wrong, but I believe Kenya's stance on crypto is also influenced by fears of possible "terrorist activities". Whether their statements are actually based on fact or simply made up to hide their true aversion to crypto, no one actually knows. The Central Bank of Nigeria (CBN) is the same way. Perhaps this is a trend amongst African countries? I'll have to look into it.

Thanks for the roundup @batmanlive2002 . From this it seems like the poorer countries, and those with financial concerns are the ones more likely to ban cryptocurrencies. Maybe this won't last so long.

It is a very common thing for people in poor countries to save up, educate, and fund a family member to go to a much richer country to get a job there. Then they earn a much higher income and still live tight, sending the money back home. These richer countries don't like their value being given out to other countries and try to make this difficult. But with cryptocurrencies, this value can be sent across borders, and into countries where the majority of the population don't have easy access to banks or money exchanges.

So the poor and financially unstable countries would benefit by allowing cryptocurrencies because that would increase their debt-free income from other countries.

These countries are also the ones more likely to face trade embargoes enforced by more powerful countries. Cryptocurrencies enable businesses to circumvent embargoes more easily and this strengthens their economy. A strong cryptocurrency-based economy is also harder for the big countries to manipulate when looking for cheaper oil, worse labour laws, environment destruction free passes, military base concessions, and all of the other things they get bullied for.

@timmarsh Other than depending on the blockchain to get value for one's money, the decentralized nature of this technology will bring a lot of transparency in government institutions.

Some African countries are already coming up with a framework on how to use blockchain technology to carry out major reforms especially in matters regarding land, healthcare and education. In developing countries, these sectors are not only sensitive but also very emotive to people.

I believe the innovative nature of blockchain technology is just what Africa needs.

@batmanlive2002 Yes, I also believe that the rampant terrorist activities that have hit the continent over the years are a major contributor to the slow adoption and acceptance of cryptocurrencies.

More to that, I believe that most people are skeptical about embracing cryptocurrencies especially bitcoin because they believe that it's a scam. As crypto lovers, we have an uphill task of explaining what blockchain technology is all about.

Sad but true @CryptoQueen it will take long term work to convince the mainstream that crypto isn't all bad. I mean years, if not decades of work. Having said that I was sceptical not too long ago and with a bit of research, and meeting some good people in the industry I'm now not only 100% on board, but actively advocating for the industry.

We need time, patience and, most importantly, good, trustworthy people to keep chipping away at the negative aspects of crypto. We'll get there in the end.

Enjoyed this post? Consider registering for more interesting content!