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Tuesday, 17 July 2018

Bitcoin ban: it's illegal to Trade and hold Bitcoin in this countries. [2018 List]

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Bitcoin as we all know is the world's first global digital currency or cryptocurrency. Bitcoin is not issued by Central bank like paperless money.

It's an electronic paperless money that can only be disturbed through Bitcoin mining pool which are transferred straight to your coin wallet.
Recommended for you 3 Best online secure bitcoin wallet

Unfortunately, Bitcoin is illegal some countries. You might have this question in mind

are bitcoins anonymous?

NO! All Bitcoin pseudonymous and all transactions are public, traceable, and permanently stored in the Bitcoin network.

6 Countries Bitcoin Cryptocurrency Are Banned
2018 listed countries according to Wikipedia.

Algeria, Bolivia, Ecuador, Bangladesh, Nepal, Cambodia,


1: ALGERIA



As of 2017 bitcoin was legal in Algeria, until the Algeria government passed 2018 Finance Bill banning all bitcoin trading and holding in the country. Algeria hopes to establish a strict control over this kind of digital transactions.

The ban was place to reduce drug trafficking, tax evasion, and money laundering in the country. 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

2: BOLIVIA



[El Banco Central de Bolivia] the Central Bank of Bolivia has issued a ban on bitcoin and any other currency not regulated by a country or its economic zone in 2014. Including namecoin, peercoin, Quark, litecoin, primecoin , Ethereum. Any breach of this provision is punishable in accordance with the laws and regulations in force.

3: ECUADOR



In 2014 the National Assembly of Ecuador banned bitcoins including other decentralized digital crypto currencies/altcoin, due to the country establishment of a new electronic money system. The new project would be controlled by the government and tied directly to the local currency.

With Ecuador electronic money system users will be able to pay for select services and send money between individuals. The E-currency is called Dinero Electronico


4:BANGLADESH



In September 2014, central bank of Bangladesh placed a ban on Bitcoin and also pass a circular saying that

"anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws" prosecuted in jai up to twelve years in jail.
Reasons bangladesh place a ban on bt coin

• To maintain control over financial and banking system of the country.
• To improve the country economic


5:NEPAL



13 August 2017 Nepal Rastra Bank declared bitcoin as illegal for reasons we don't know. But We suspect this could be any of the reasons.

• Laws of Nepal

According to a statement released by the Central Bank of Nepal. The foreign exchange act of 2019 BS and then NRB act of 2058 BS. Basically, it says that you can’t have bitcoin transaction in Nepal or use bitcoin to exchange foreign or Nepali currency, because bitcoin is not classified as a currency by Nepal Government, and hence using internet for bitcoin transactions or exchange is illegal.

•Use in illegal activities

Reports of bitcoin being used for money laundering or exchanging of black money with Bitcoin is another reason why Bitcoin is banner


6: CAMBODIA



On 19 June 2018, the National Bank of Cambodia (NBC), the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police stated that "the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities" and "shall be penalized in accordance with applicable laws



Search tag: TUTORIAL,Cryptocurrencies, Government, indonesia, Bitcoin Regulation, Banned Bitcoin, Ecuador, Ecuadorian, electronic money, private bank, Cambodia Bitcoin, Nepal
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