These Countries Outlawed Crypto But Then Embraced It

In the latest cryptocurrencies news today, we will be listing all the countries which first banned cryptocurrencies but then embraced. These countries have been warming up to the idea of adopting crypto a certain period after banning the entire industry. So, let’s begin listing the names.

India

The Reserve Bank of India issued a blanket ban on all banks doing business with the crypto related firms. This ban came into effect about three months later the same year, after which there have been a lot of petitions from India’s crypto community which tried to end the ban. However, a few days ago the Supreme Court of India struck down RBI’s controversial ban with a ruling that declared RBI’s action as “disproportionate.”

Iran

Iran is also among the countries outlawed crypto, after having a roller coaster ride with the entire industry. In 2018, the president banned crypto by preventing banks from making deals in cryptocurrencies because of potential money laundering issues. However, the country switched sides later and is now moving to carry out financial transactions in cryptocurrency as a way of evading the ongoing economic sanctions from the US.

Venezuela

The economic collapse is deep in Venezuela, forcing citizens to use cryptocurrencies as a way of securing the value of their dwindling savings. The inflation made Venezuela embrace crypto again and prevent the bolivar from disappearing. Besides, BTC miners in Venezuela have been on the receiving end of pressure and intimidation from the government over their mining activities, which later changed.
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All in all, the world bank released a gloomy outlook on global economic growth as a result of ongoing tensions across the world. For now, the Bitcoin and altcoin news show that cryptocurrencies offer a suitable alternative to fiat currency because they can be used as a means of payment in transactions and provide liquidity. There is also an argument to make that BTC could be used as a store of value like gold, which would make it a safe haven for investors.

As opposed to fiat money, crypto is built on an immutable and predictable ledger which prevents double spending or printing of money – a problem that has contributed to the rising global debt crisis.