Crypto trading has now become a lucrative business field. However, with no central authority to mediate crypto affairs, the field has also attracted a lot of scrutiny over the years, leading several countries to impose a crypto ban in their regions.
In addition to this, the world is now divided into two spheres. One where cryptocurrency seems to be flourishing and the other where crypto is inaccessible to the masses.
Let's take a look at regions where crypto is banned and countries where crypto has now evolved into a legitimate speculative business.
Where Is Crypto Banned In The World?
The legality of cryptocurrency varies dramatically from place-to-place, with the definition of what is legal depending on the country.
In most countries, cryptocurrency is at least legal or unregulated. This includes places like the European Union, the United Kingdom, the US, Canada and Australia.
However, it is banned outright in some places.
These are the countries with a crypto ban.
- Algeria
- Bangladesh
- Bolivia
- China
- Columbia
- Egypt
- Indonesia
- Iran
- Iraq
- Kosovo
- Nepal
- North Macedonia
- Vietnam
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Legal or Illegal: Countries In Dilemma Over Cryptocurrency Bans
While several regions have clarified their stance on cryptocurrency trade and exchange, there are a few countries that are yet to specify their stance on cryptocurrency regulation and are yet to approve crypto trading in their respective regions.
Some examples of such countries are listed below.
India
India is yet to create a regulatory infrastructure for cryptocurrencies to operate in the country.
Several news sources have confirmed that the country is looking forward to embracing blockchain technology. However, in recent months further reports have come out suggesting that the India Central Bank wants to ban cryptocurrency.
As per TechCrunch, India's Minister of Finance, Nirmala Sitharaman, said: "[Reserve Bank of India] is of the view that cryptocurrencies should be prohibited."
Russia
According to a CNBC report, the country has drafted a new law that strictly bans any sort of digital payments.
Per the new law, it is illegal to trade crypto and NFTs in Russia.
However, the country is known to have favoured the crypto trade in the past, with Kremlin politicians including Russian PM Vladimir Putin suggesting making use of crypto and issuing statements that propagate the use of crypto and bitcoin mining as a viable tech to address in recent times.
United States
The United States has also not yet clarified its stance on cryptocurrency trading however, cryptocurrency trading is still acceptable in the region.
The country has, however, issued multiple statements on how it's drafting a regulatory bill to accommodate cryptocurrency trading and related formalities. But it is yet to elucidate whether it's legalising crypto trading in the country or not.