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5 Countries Where Bitcoin Is Illegal!

Bitcoin | Bitcoin Banned | Bitcoin Illegal | Countries where Bitcoin is Illegal | Bitcoin updates

 

Bitcoin has increased a lot in popularity since it was created in 2009 but there still remain several regions around the world where it, and other cryptocurrencies such as Litecoin and Ethereum, are classified as illegal and not recognized as a legitimate form of currency.

 Bitcoin users in North America don’t have anything to worry about as the cryptocoin is completely legal to own, buy, sell, trade, and mine in both Canada and the United States. Here are some countries to keep an eye on though when planning your next trip abroad. India is currently facing ban in cryptocurrency dealings yet, however, BTC and other cryptocurrencies haven’t been declared illegal.
Here are the 5 countries where Bitcoin is illegal and isn’t accepted:

Bolivia

Cryptocurrencies have never been legal in Bolivia and the government has been known to enforce its anti-BTC stance rather firmly. People caught using Bitcoin and other cryptocoins can be fined and a number of users have even been arrested on more than one occasion for trading and mining Bitcoin.

Macedonia

The authorities in Macedonia claim that the use of Bitcoin violates their laws regarding foreign exchange and say those dealing in the currency could be imprisoned for up to five years and face fines of 10,000 euros.

 

Ecuador

Meanwhile Ecuador has outlawed bitcoin, not because they opposed this crypto but because they want to regulate and control it and tether it with the Ecuadorian dollar. An Electronic money designed to operate ad support monetary scheme dollarization. Anti-BTC laws don’t appear to be too strict in Ecuador as there are still several ways to buy and sell Bitcoin and other cryptocoins domestically.

Bangladesh

Bangladesh also followed suit in September 2014. The Bangladeshi central bank cited bitcoin’s lack of a central payment system as the reason behind the ban, which it believes would allow people to be “financially harmed.” Long story short — if you’re caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012.

Algeria

The People’s National Assembly has a strong aversion to BTC declaring that “Bitcoin is commonly used for drug trafficking, tax evasion, and money laundering.”

Algerian news site Maghreb Emergent reports that: “Any violation of this provision is punished in accordance with the laws and regulations in force.”

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