10 Countries where Bitcoin is still Banned- Bitcoin News
Buying Bitcoin in Bangladesh
In a statement, the Central Bank of Bangladesh offered concerns over Bitcoin’s insufficient “a central payment system” which could lead to people becoming “financially harmed”. It invoked the provisions of the Foreign exchange Control Act of 1947 and the Money Laundering Control Act of 2012. After that added that trading in bitcoin and other digital currencies could lead to an abuse of up to 12 years in prison.
“Bitcoin is not really a legal tender of any kind of country. Any transaction through Bitcoin or any other crypto-currency is a punishable criminal offense, ” the bank said in an official statement last Sept.
The ban comes as an enforcement of sections four, 5 and 8 from the 1947 law that controls trading in foreign currency with no authorization or general authorization from the central bank. Section 5 severely restricts obligations did outside Bangladesh, which usually affects Bitcoin payments.
Buying Bitcoin in Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:
“It is unlawful to use any foreign currency that is not issued and managed by a government or an official entity. ”
Buying Bitcoin in China
It really is a common misconception that Bitcoin and digital foreign currency are totally banned and illegal in China, yet China has become the world’s largest Bitcoin trading market. The Bitcoin ban is totally on banks, as the central banking authority, The People’s Bank of Customer owned 70% by the Chinese language government. Banking institutions and workers are banned from doing Bitcoin business through the bank, as well as servicing or using the services of the bitcoin industry. Trading or mining in Bitcoin is not illegal meant for common citizens.
Buying Bitcoin in Ecuador
The ban by Ecuador the actual most sense of any kind of ban, as they are creating a national electronic cash program, so they feel the need to guard their new currency against something clearly superior. A decentralized currency of limited production that cannot be altered by governments or banking institutions might dim the lamps on their new program in the eyes of the open public, which offers none of those benefits.
Buying Bitcoin in Iceland
As of March nineteen, 2014 the Central Loan provider of Iceland issued a statement explaining the legal status of digital foreign currency in Iceland. Purchasing all of them may violate the Icelandic Foreign Exchange Act, which identifies that Icelandic currency is unable to leave the country. A nebulous designation, but it sounds like it really is banned, in effect.
Buying Bitcoin in India
American Indian BankBTCXIndia was the first Bitcoin exchange designed and integrated India. While following KYC and AML guidelines, and allowing instant INR (Indian rupee) deposits and withdrawals, BTCXIndia was forced to end their bank, which no more services Bitcoin businesses. The reason why are unknown, whether it is depending on a perceived risk or simply a simple ban by the administration, but the issue is widespread in India.
“We possess today been informed simply by our bank that they will no more serve Bitcoin businesses, ” the notice stated. “We have investigated the possibility to use through other banks, however, it seems this is a general plan in India as of today. ”
Buying Bitcoin in Sweden
Bitcoin has suffered a little banning in the selling and buying of scrap metal and “waste products”. This pieces a bad precedent of federal government interference for the future, but up to now, the band is restricted to this industry by all accounts.
Buying Bitcoin in Thailand
According to information reports, the Bank of Asia ruled Bitcoin illegal on July 29, 2013. Nevertheless, it appears “it issued an initial ruling that using bitcoins… was illegal because of an insufficient existing laws” in the case of a currency exchange license application simply by Bitcoin Co. Ltd.
Bitcoin businesses have been able to carry out business and get certification, but the ban technically remains, if not in practice presently.
Buying Bitcoin in Vietnam
Back in February of 2014, Vietnam banned the virtual currency bitcoin to be used by credit institutions, citing its ease of use for legal purposes and its high risk intended for investors.
“Transaction by Bitcoin is highly anonymous so Bitcoin can become a tool for offenses like money laundering, medication trafficking, tax evasion, unlawful payment, ” the central bank said in a declaration
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