Cryptocurrencies are growing fast, but not everyone is on board, as many countries around the word have banned dealing and trading in these digital tokens. Today, while there are reportedly over 5,000 known cryptocurrencies in the world, and with just a few months left in 2021, analysts and experts are still predicting a sharp rise in the value of Bitcoin, the oldest, and most valuable cryptocurrency in the world. But where countries like India are rapidly growing their crypto spaces, others like China, Russia and Bangladesh have been cracking sown.
The Top 5 Countries Where Cryptocurrencies Are Banned
India According to a report from the Reserve Bank of India (RBI), banning cryptocurrency transactions in the country was only a temporary measure. Their main goal was to stop fraud. "Since virtual currencies, in most cases, have neither a regulatory status nor legal tender status in India, they have to be considered as 'securities' and 'units of exchange' under the Customs Act," the RBI's financial inclusion statement read. BENGALURU, India, July 13, 2017 /EINPresswire.com/ -- Following the pronouncement of RBI, the government in India has also decided to form a committee to investigate the legality of cryptocurrencies, which could lead to the death of cryptocurrencies in India.
China
China has previously banned Bitcoin mining due to concerns over potential national security threats from hacking the nation's power grid. The Asian country is also planning to ban initial coin offerings and block domestic cryptocurrency exchanges. The Asian country is also considering banning online trading and ICOs. China is also moving to tighten its grip on the world's largest crypto market. Regulators in the country, with the assistance of major Chinese social media platforms, will take on a bigger role in policing online discussion about cryptocurrencies. The Chinese government has repeatedly taken action against cryptocurrency trading this year.
Russia
In September, the Russian government banned cryptocurrency mining. Prior to this, the Russian government was considering a potential ban on cryptocurrency. The Russian Ministry of Finance earlier voiced its concern with cryptocurrencies and called them "a source of threat to financial stability." According to government press release, the Ministry of Finance even "said that it might ban cryptocurrency mining." In August, government officials also cited "possible risks to financial system security" as one of the reasons for considering a ban. China In the same month, the Chinese government banned all cryptocurrency trading on domestic exchanges.
Bangladesh
Late last year, the Bangladesh government adopted a regulatory body to oversee digital tokens, but on January 1, 2018, the Finance Ministry of Bangladesh banned any blockchain and cryptocurrency startups from operating within the country, following a number of attempted hacks on several crypto exchanges. China This is not the first time China has cracked down on cryptocurrency. In late December 2017, the People's Bank of China banned financial institutions from exchanging Bitcoin and other cryptocurrencies. The regulator also demanded that all Bitcoin exchanges shut down their operations.
India
While Indian government hasn't banned cryptocurrencies, in April 2018, the Central Bank of India said it was cracking down on cryptocurrency exchanges to protect the interests of customers. As it turned out, all Indian bank accounts were blocked from buying, selling or transferring in cryptocurrencies. If you tried to trade on an exchange, you wouldn't have been able to do so. Another way to buy and sell cryptocurrency on Indian exchanges is through Coinsecure. Earlier this year, Coinsecure said it was facing a "sudden and excessive volume of requests" for buying and selling from Indian users, but that the company was able to process and provide service.
Conclusion
Investing in crypto is risky but there are various ways to do so without doing any harm. Find a reputable, regulated and well-managed exchange and make sure you diversify your crypto portfolio in a way that will keep it safe and well-rewarded. Know what you are investing in, invest responsibly, and stop before it’s too late! Know more about how to diversify your crypto portfolio.
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