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