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Countries where Bitcoin and other digital currencies are banned

Countries where Bitcoin and other digital currencies are banned

Every day that passes represents yet another improvement for the digital currency market, but you may still not be aware of the fact that there are countries which have not been open to the developments in the cryptocurrency industry.

The main reason behind this is the obvious s that just about anyone can make between money laundering, criminal dealings and digital currencies. Because of this, certain governments believe that they would be better off not allowing the use of Bitcoin and other currencies in their country, regardless of the fact that the number of illegal activities funded with the help of Bitcoin is quite small. Without further ado, here are some of the most important countries where both Bitcoin, but also other cryptocurrencies have been banned for various reasons.

Bitcoin banned

  • China

Surprisingly, at this moment in time, China represents the world’s biggest market for digital currencies, but did you know that they are forbidden to certain citizens? That’s right! Those who work with banks, but also government officials are prohibited from owning and carrying out any activity which involves the use of Bitcoin and other digital currencies.

  • Russia

Due to the current geo-political issues, the Russian Government thinks that it would be unwise for them to go ahead and remove the ban that they have imposed on cryptocurrencies of all kinds. While there are a couple of exchanges and great firms that operate with the use of Bitcoin, the currency is still banned in practice. In the case that the tensions between Russia and many other countries stabilize, then chances are that Bitcoin will be unbanned in this country as well.

  • Sweden

Chances are that the first thing that comes to your mind when you think about Sweden is the colour blue, and the idea that people there are free from all the points of view. While Bitcoin is not completely banned, there have been some events which shook the public scene for a couple of weeks and resulted in the absolute ban of Bitcoin and other digital currencies in a couple of niches, including the trading of waste products and scrap metal.

  • North Korea

Yes, this probably will not surprise you, but the Kim Jong Un regime is strongly against the use of any other currencies apart from the government issued one. Not long ago, a foreigner may have carried out the first Bitcoin transaction in this region of the world.

Based on everything that has been outlined so far, did you know that Bitcoin was banned in these countries? What do you think about the idea of governments banning digital currencies in other regions of the world as well? Let us know your thoughts in the comment section below.

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