Cryptocurrency at the future of digital payment with digital currencies around the globe. If the investors are looking for buying and selling cryptocurrency then they should consider various points. Most of the cases, the legal or illegal status of cryptocurrency is entirely depending on the country and the location along with the activity. In this article, we will discuss where the cryptocurrency is illegal around the globe.
Countries Where Cryptocurrency is Illegal:
In most of the parts around the globe, cryptocurrency is welcomed. But due to several security reasons, various countries have banned them from using. Although it is unclear about the banning cryptocurrency due to decentralization, as they might be a threat to the financial system in that particular country.
Cryptocurrencies are not having any proper regulation, and they are pending to be approved of getting regulation. From March 2019, 9 different countries around the globe have officially waiting for the pending regulation and the uses of cryptocurrency officials. The countries are listed below.
- Saudi Arabia
- The Republic of Macedonia
Although there are several illegal activities being done using cryptocurrencies which is rather impossible to trace. This could be one of the major reasons for a few of the countries being banning them in order to avoid illegal activities. Most of the cases cryptocurrencies are used for funding terror organizations and transfer illegal funds across the countries.
Officially these countries have restricted Bitcoin and you cannot use cryptocurrencies for any mode of payment. As a result, any financial service providers and banking institutions are restricted to using cryptocurrency exchanges. So basically, it is illegal to use cryptocurrencies in these countries due to severe restriction.
- American Samoa
Even after ban and restrictions in several countries, there are no available for stopping the usage of cryptocurrencies. As it is not regulated by any authorities, so it is basically impossible for the country to ban it entirely. Various uses and investors are still using cryptocurrencies in these countries by using various websites for trading purposes.
Until and unless the user is having an accessible internet connection, then they can easily use cryptocurrencies as there is no provision in such countries. Even most of them are using VPN are various other services in order to mask their IP address in order to use cryptocurrency services. Still, it is recommended to restrict the usage of Bitcoin or any other cryptocurrency in case your country has officially restricted or banned it.
Wrapping Things Up:
Most of the countries are providing support for cryptocurrencies, but still, there are few of the countries where it is still not supported. We have gathered complete information regarding the status of cryptocurrency being legal or illegal from different sources and posted them in this article for you. Share this useful article with others, so that they get to you know about countries where cryptocurrencies are illegal.