Why Some Countries Banned Cryptocurrencies?

If you follow our blog, you probably know some of the countries where cryptocurrencies and Bitcoin are banned. First on the list is China, followed by Russia, Thailand, Vietnam, Taiwan, Colombia, Ecuador, Bolivia, Bangladesh, and Kyrgyzstan. From this list, it is certain that Bitcoin has been “banned” by 8 countries currently (May 2018).

Many other countries don’t have a stance on Bitcoin or are planning certain regulations. The truth is, governments around the world all want to keep in their hands all of the risks and advantages of creating a currency and controlling it. Every government controls the currency through their central bank and that way they know who has it and where it is going.

Because of this, People’s Bank of China claimed that cryptocurrencies are perceived as a threat to the entire stability of the financial market. Most countries that are have banned digital currencies in general, also like to have in control the consumer protection and anti-criminal activity that can also be one of the reasons for a cryptocurrency ban.

Others are just using soft regulation rules for the sake of new innovative technologies that might make our lives easier. You can find more information about the legality of cryptocurrencies and find a list of countries who do not support cryptocurrencies on our WEBSITE.