With the price of bitcoin today exceeding 34 thousand dollars many people ask Is Bitcoin banned in Egypt, Saudi Arabia, Morocco or the UAE, if you want to buy, sell or use a currency and even other digital currencies, you should check if it is legal in your country. As there are many countries that have different regulations for cryptocurrencies. Some of them even consider dealing in bitcoin legal, allowing it to be used as money, pay taxes, buy goods, or trade it as a commodity.
In other countries, even the mere possession of bitcoin can lead you to prison. Others haven't bothered to regulate them yet, leaving bitcoin and other cryptocurrencies in a legal quandary.
Countries that have banned bitcoin
Bitcoin and cryptocurrencies are generally welcomed in most parts of the world. However, some states have already banned or banned their use. Whether the ban is imposed because of the decentralized nature of bitcoins, the threat to their current financial system, or simply because appropriate regulations have not yet been approved, there are at least nine countries that have decided to do so as of March 2019. These are:
- Afghanistan
- Algeria
- Morocco
- Pakistan
- Bolivia
- Bangladesh
- Republic of Macedonia
- Kingdom of Saudi Arabia
- Qatar
- Vanuatu
- Vietnam
In addition to countries where bitcoins are banned, there are also countries where bitcoins are somewhat restricted and cannot be traded or used for payment. In such cases, banks and other financial service providers are prohibited from doing business with cryptocurrency exchange companies, and in more extreme cases, countries have even banned cryptocurrency exchanges.
- China
- India
- Ecuador
- Indonesia
- Morocco
- Zambia
- Nepal
- Egypt
- American Samoa
Note that despite the bans and restrictions, these laws have not eliminated Rhea or other cryptocurrency trading and use. Due to the decentralized nature of cryptocurrencies, it is impossible to block them. Many individuals in those countries still use sites such as FL Al or Fu Ol to trade with others, as evidenced by the trading volumes on these platforms.
What countries are dealing with bitcoin
On the positive side, research shows that there are at least 111 states where bitcoin and cryptocurrencies are recognized by law and considered legal and permitted to be transacted.
For example, major countries like the United States and Canada are generally adopting a crypto-friendly stance while also trying to enforce anti-money laundering and fraud prevention laws. Meanwhile, in the EU, member states are not allowed to launch their own cryptocurrency, but cryptocurrency exchanges are encouraged to legalize and comply with regulations.
On the date of January 2020, the most bitcoin-friendly countries where BTC is legal are:
- Australia
- Austria
- Azerbaijan
- Belarus
- Belgium
- Bosnia and Herzegovina
- Brazil
- Bulgaria
- Canada
- Congo
- Costa Rica
- Croatia
- Cuba
- Cyprus
- Czech Republic
- Denmark
- Dominican Republic
- Estonia
- Ethiopia
- Finland
- France
- Georgia
- Germany
- Ghana
- Gibraltar
- Greece
- Green earth
- Haiti
- Hong Kong
- Hungary
- Iceland
- India
- Indonesia
- Iran
- Ireland
- Israel
- Italy
- Japan
- Kuwait
- Lebanon
- Libya
- Lithuania
- Luxembourg
- Malta
- Mexico
- Monaco
- Mongolia
- Netherlands
- New Zealand
- Northern Cyprus
- Northern Mariana Islands
- Norway
- Philippines
- Poland
- Portugal
- Romania
- Russian Federation
- San Marino
- Serbia
- Singapore
- Slovakia
- Slovenia
- South Africa
- South Korea
- Spain
- Svalbard Jan Mayen
- Sweden
- Switzerland
- Taiwan
- Thailand
- Ukraine
- United Kingdom
- United States of America
- Uzbekistan
- Venezuela
- Zimbabwe
Countries where bitcoin is neither legal nor illegal
Some countries have not yet made a decision on what to do with Bitcoin. In such cases, the use of Rhea is legal in the sense that you can own it, but there are no clear rules or legal protection regarding its status. These countries have either already established a legal framework for bitcoin and cryptocurrencies, or have taken a wait-and-see approach. These "reluctant"countries include:
- Albania
- Andorra
- Argentina
- Barbados
- Colombia
- French Guiana
- Gabon
- Jamaica
- Jordan
- Kazakhstan
- Kenya
- Kosovo
- Kyrgyzstan
- Malaysia
- Maldives
- Mauritius
- Nigeria
- Panama
- Paraguay
- Peru
- Tunisia
- United Arab Emirates
- Tanzania
- Uruguay
Fears of large-scale cryptocurrency crackdowns have had a long-lasting impact on Ria. For this reason, many people are wary of the intangible system and rely on traditional currencies instead.
Regardless, a growing number of countries and governments are choosing to allow cryptocurrency exchanges like bitcoin, embrace digital innovation and play a role in the industry. At the same time, other countries oppose the emerging industry to the risk of being left behind. Ironically, these countries are already some of the poorest in the world, and large-scale crackdown on bitcoin and cryptocurrencies does not seem to lead to positive results to improve the situation. Quite the contrary; the adoption of cryptocurrency companies with favorable regulations provides an excellent opportunity to bring innovation, capital, tax revenue and improve the standard of living of the entire population.