Travel with caution: All the countries where cryptocurrencies are illegal

Head of India’s Ministry of Finance, Nirmala Sitharaman, confirmed her agency’s tough stance on digital assets. The main concern of the official and the Reserve Bank of India is that cryptocurrencies have been frequently used in criminal schemes. That’s why Bitcoin cannot be used as a payment in the domestic market.

According to the statement, states need to develop a model of cooperation in the field of crypto-regulation, which will help minimize the scale of criminal use of such approaches. 

This is not good news for market players from India, especially when the industry is gradually coming alive. However, similar restrictions already exist or are planned to be introduced not only in India. We have gathered a list of countries (surprisingly long) you definitely shouldn’t go to if you want to engage in cryptocurrencies.

Where cryptocurrencies are banned

India is not the first country that plans to ban digital assets from its territory. Here is a list of countries where crypto is restricted or illegal: 

• Algeria;
• Bolivia;
• China;
• Colombia;
• Egypt;
• Iran;
• Iraq;
• Kosovo;
• North Macedonia;
• Turkey;
• Vietnam.

Legalization for private citizens, but not for businesses or banks: 

• Saudi Arabia;
• partly in Canada.

Legalization as a virtual asset or commodity, but not as a means of payment, with no penalty for actual use as currency: 

• Indonesia;
• Israel;
• Norway;
• Russia.

It also became known that the Singapore authorities intend to expand the regulation of cryptocurrencies to cover more activities to limit the risks to investors. And Ukraine, according to UN analysts, came out on top regarding the percentage of crypto owners. More than 12.7% of the country’s population own digital currency.

What do you think explains the use of digital currencies in countries? Let’s discuss it in the comments.