Crypto Ban? Should You be Worried About? List of Countries who have Ban Cryptocurrencies

The central government of India is a decision-maker and now the government is deciding to reveal its plan on the ban of Cryptocurrency. On Tuesday 23 November 2021, the government of India announced its plans to roll out digital coins that will be regulated by the Reserve Bank of India (RBI).

The government stated that the cryptocurrency will bring an effect in the market and regulations of the official Digital Currency Bill 2021. In the winter season bill starting from 29 November 2021, the bill is expected to be tabled in the parliament.

The bill is laying certain exceptions, the expectations of raising the underlying technology of cryptocurrency. The government appears to aim to create a framework for the creation of digital currency issued by RBI.

Know Will Cryptocurrency be Banned in India or Regulate in India?

The future of cryptocurrency is amidst doubt. Regulation of Cryptocurrency speculates to corrupt practice and to stop it stakeholders asked to amend the bill. But as the market is running the cryptocurrency will be stabilizing and will not be banned in India. The crypto in India is a hot-cold relationship. As in 2018, RBI banned Cryptocurrency and voiced serious concern. Then In 2020 and 2021 supreme court lifted the ban and the negotiations came to the hands of the industry stakeholders and the Centre to bring in a regulation that will put corrupt practices to check. Now, to bring the future of cryptocurrency in India government is appearing to create a framework for the creation of digital currency issued by RBI in the winter season2021.

Also Read: Current scenario of the banking sector in India

List of Countries that Have Banned Cryptocurrency

Nepal: In the year 2017 Nepal stated the cryptocurrency is illegal in the country.

China: China is another country that had banned cryptocurrency in the country. They have launched their own centrally-regulated digital currency called Digital Renminbi (RMB).

Vietnam: The country has laid strict rules against the issuance of cryptocurrency. As per the state of Vietnam, one can hold Bitcoin as an asset in the country.

Colombia: In 2014 the financial firms banned cryptocurrency from facilitating Bitcoin transactions in the country.

Russia: In Russia, Bitcoin is strictly prohibited and circulation is not regulated at all in the country.

Bolivia: The government of Bolivia banned Bitcoin and all cryptocurrencies and it is not regulated by the nation.

Egypt: In the country, Bitcoin transactions classified as ‘haram, which means prohibited under Islamic law.

Indonesia: After the new regulations laid by Bank Indonesia, the country’s central bank, the use of cryptocurrencies is banned in the country.