Cryptocurrency has become a widely acceptable means of
payment with greater capacity and faster settlement than other traditional
financial structures.
It is a digital currency that can be used to buy goods and
services but uses an online ledger with strong cryptography to secure online
transactions.
Cryptocurrency market was started by the group or individual
known as Satoshi Nakamoto.
Bitcoin, which is the most popular cryptocurrency, alongside
Ethereum (Ether) – is a digital currency that debuted in 2009.
In 2008, during the global financial crisis a white paper
called Bitcoin – A Peer-to-Peer Electronic Cash System was released. It was
made for people to control their money themselves.
Bitcoins are not issued, endorsed or regulated by any
central bank but are rather created through a computer-generated process known
as mining.
However, there are no uniform international laws that
regulate its use.
The Central Bank of Nigeria, in a circular on Friday,
February 5, directed banks to close accounts of persons or entities involved in
cryptocurrency transactions within their systems.
Aside from being the biggest crypto market on the African
continent, in terms of trade volume, Nigeria is the second biggest bitcoin
market in the world after the United States.
Here are countries where Cryptocurrency trading is legal and
illegal:
While the United States of America, Australia, Canada, and
the European Union (27 countries) have accepted its usage by working to prevent
or reduce the use of digital currencies for illegal transactions,
cryptocurrencies remain banned in China, Russia, Vietnam, Bolivia, Columbia,
and Ecuador.
Illegal
China – The People’s Bank of China, which is China’s central
financial regulatory authority, placed a ban on all domestic and foreign
cryptocurrency exchanges in the country in 2017.
Bolivia – In 2014, the central bank of Bolivia, issued a ban
on bitcoin and every other currency not regulated by states, countries, and
economic areas.
Morocco – Morocco’s foreign exchange office and central bank
prohibits the use of cryptocurrency for transactions in the country. Any
citizen caught engaging in transactions involving the virtual currency will be
fined.
Ecuador – Bitcoin and other digital currencies are currently
banned by the Ecuadorian government.
Iran – Iran’s central bank in 2018, announced that it was
prohibiting all financial institutions, including banks and credit institutions
from dealing in cryptocurrency
Bangladesh – In Bangladesh, the use of bitcoin is considered
illegal. In 2017, the Bangladesh bank issued a ban on cryptocurrency.
Nepal – In 2017, Bitcoin and other cryptocurrencies became
considered as illegal forms of financial tender in Nepal
Afghanistan – Currently, it is unlawful to possess bitcoin
in Afghanistan, and it is not considered as a legal tender in the country.
There are no crypto exchanges in the country.
Pakistan – In April 2018, the central bank of Pakistan
announced that bitcoin and cryptocurrencies are banned in the country, and
banks will not facilitate any transaction for them.
Algeria – In December 2017, Algeria passed a law that made
bitcoin and other cryptocurrencies entirely illegal. The purchase, sale, use,
or even holding cryptocurrency is punishable by the law.
Egypt – “Egypt’s Dar al-Ifta, the primary Islamic legislator
in Egypt, issued a religious decree classifying commercial transactions in
bitcoin as haram (prohibited under Islamic law).
Cambodia – According to various state authorities, the use
and propagation of cryptocurrencies is banned, except if a license is acquired.
Colombia – Whilst there is no specific law banning Bitcoin
and Altcoins, the Superintendencia Financiera informed the country’s financial
institutions not to assist or work with individuals and companies trading in
virtual money operations.
Indonesia – As of 2018, the use of cryptocurrencies for
payments became illegal.
Taiwan – All forms of trading or payment with cryptocurrency
is banned, as is the installation or use of a Bitcoin ATM.
Saudi Arabia – Considered to be an implicit ban, the Saudi
Arabian Monetary Authority is outspoken against the use of crypto, describing
it as high risk.
The Republic of Macedonia
Qatar
Vanuatu
Vietnam
Legal
The United States – The United States has taken a generally
positive stance toward Bitcoin, though several government agencies work to
prevent or reduce Bitcoin use for illegal transactions.
Canada – Canada maintains a generally Bitcoin-friendly
stance while also ensuring the cryptocurrency is not used for money laundering.
Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means
that Bitcoin transactions are viewed as barter transactions, and the income
generated is considered as business income.
Australia – Similar to Canada, Australia considers Bitcoin
neither money nor a foreign currency
Japan
Gibraltar
Malta
Ukraine
Switzerland
The Netherlands
Lithuania
Estonia
The United Kingdom
Germany
Bermuda
Slovenia
Singapore
Georgia
Belarus
Hong Kong
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The former colonial masters knowing full well that the natural resources which they have been exploiting have resorted to cypto in order to continue their exploitation and control of their former colonies. Slave labour & money from natural resources built 16 & 17 century Europe and America. Crypto will build and sustain present and future Europe and America.
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