Without a doubt, we are in the throes of a cryptocurrency revolution. Many governments are beginning to recognise the economic benefits of cryptocurrencies and have passed legislation to regulate them.
Bitcoin and other cryptocurrencies have already garnered widespread acceptance, and those who refuse to accept it will be left behind. Cryptocurrencies and Bitcoin are still seen as a threat to some countries’ economies.
The following are some of the countries that have made cryptocurrency use illegal.
Iran is a country in the Middle East
As the Islamic country grapples with major power outages in numerous cities, Iran’s President Hassan Rouhana has ordered a nearly four-month ban on the energy-intensive mining of cryptocurrencies like Bitcoin.
The country believes that outlawing crypto mining will prevent blackouts in major cities, which would have a negative impact on people’s lives and businesses.
Bolivia is a country in South America.
Bolivia has restated its resistance to permitting cryptocurrency use in the country, citing recent criminal activity by some people as justification.
After denouncing a disguised pyramid scheme based on virtual currency, the Central Bank of Bolivia issued a statement reminding the public that using virtual money is unlawful.
North Macedonia appears to be the only country in Europe that prohibits the use of cryptocurrencies such as Bitcoin and Ethereum. Investing in cryptocurrencies is prohibited, and national institutions have warned that crypto transactions are linked to illegal activity.
Trading in cryptocurrency is risky, according to the Central Bank, because the platforms where these transactions take place are unregulated.