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List of Countries that Prohibit the Use of Crypto

This row of countries apparently prohibits the use of crypto for all types of buying and selling transactions, you know, guys. According to some, cryptocurrencies are not secure enough to be used as a legitimate means of transactions.

Yep, cryotocurrency has indeed become one type of currency that is booming and there are more and more activists. In some countries, this digital currency has been legalized and can be used to make a payment.

However, there are also countries that prohibit the existence of these currencies due to several considerations that have been studied by related parties. What country is it? Here SPIN provides the info for you.

This Country Turns Out To Ban The Use Of Crypto For Buying And Selling Transactions

1. China

Countries Ban Crypto
Photo: Investment U

You could say, China is one of the countries that strictly prohibits existence cryptocurrency in his country. On September 24, 2022, China officially stipulates that cryptocurrencies cannot be used for all types of transactions.

2. Algeria

Since 2022, this country does not allow the use of crypto, guys. In fact, Algeria has banned its citizens from investing in the currency. Hmm, the rules are really strict.

3. Crypto Banning Country: Bolivia

Photo: Free Man Low

Furthermore, there is Bolivia who thinks that crypto can be used as a medium of fraud and crime for irresponsible people.

Also Read: These 10 Countries Have Legalized Crypto, Who’s Next?

4. Crypto Banning Country: Bangladesh

As cryptocurrencies are unregulated and decentralized, the Government of Bangladesh strictly prohibits the buying and trading of cryptocurrencies.

5. Egypt

Countries Ban Crypto
Photo: Nile Fm

Due to religious regulations that do not allow transaction activities using cryptocurrencies, Egypt has banned the existence of the digital currency in its country. Another reason, Egypt considers that cryptocurrencies can harm the economic cycle and disrupt national security.

In addition, there are several other countries that prohibit the use of crypto as a means of payment for a transaction, these countries are:

  • Qatar
  • Colombia
  • Indonesia
  • Nepal
  • North Macedonia
  • Turkey
  • Vietnamese

Also Read: Don’t Be Fooled, Here’s a List of 229 Cryptos that are Legal in Indonesia and CoFTRA!

That’s it guys, countries that don’t legalize cryptocurrencies. However, it is not impossible if one day the country changes its mind and begins to explore the world of crypto which has been legalized by several countries in the world.