China Crypto Ban illuminates over 15 countries that restrict or prohibit cryptocurrencies - press release
China Crypto Ban illuminates over 15 countries that restrict or prohibit cryptocurrencies - press release
press release
press release. October 2021 , the leading comparison page for crypto services-cryptowissers, take a detailed view of the recent ban on crypto in China as well as to several other countries that restrict cryptocurrencies in any way and why.
as the Cryptowisser report says , there are over 15 countries in which crypto currencies are restricted or completely forbidden, but some are more strict than others and make it completely illegal, crypto-assets. Example lists the Bangladesh report as a country that prohibits possession of any form of cryptocurrency. Nevertheless, it is also reported that 2.27 % of the population of Bangladesh has cryptocurrencies.
decentralized stock exchanges are pioneering
The report also clarifies why decentralized exchanges like Pancake exchange despite their citizenship, it still makes it possible to own crypto. With the possibility of keeping their finances away from each centralized authority, citizens of allegedly banned crypto states can continue to have currency.
countries with partial bans try to control their market
While some countries like Turkey and Russia do not quite prohibit cryptocurrencies, they force their citizens to jump through certain tires. For example, the report explains that these restrictions can be enough that users do not pay with crypto (but keeping is okay) up to force their crypto exchange with the bank, or in the case of Bahrain that users need a "crypto license".
Highest concentration of crypto users reported in developing countries
The report also lists the countries with the highest percentage of crypto users as developing countries. Countries such as Vietnam and the Philippines reported that 20% of their population interacted at some point with cryptocurrency, while the United States reported only 13%.
final remarks
It is no surprise that countries ban strict regulations for cryptocurrency activities. Since cryptocurrencies normalize, the governments will probably enforce regulations and improve their understanding of digital currencies and at least create a synergy between them.
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