Countries Where Cryptocurrency is Illegal or Restricted 2022

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While Bitcoin has been extensively criticized for its volatility, usage in criminal transactions, and excessive use of electricity to mine it, some people, particularly in the developing countries, perceive it as a safe haven amid economic storms. While some countries banned cryptocurrency outrightly, others restricted it.

However, as more individuals turn to cryptos as an investment or a lifeline, these difficulties have manifested in a slew of new regulations on how they can be used.

The legal position of Bitcoin and other altcoins (alternative currency to Bitcoin) varies significantly from nation to country, with certain relationships still being established or changing often.

These are the countries where Bitcoin and other altcoins have a particularly tense relationship.

Algeria
Algeria has banned the usage of bitcoin since enacting a finance law in 2018 making it unlawful to buy, sell, use, or keep virtual currencies.

Bolivia
Since 2014, Bolivia has imposed a blanket ban on the use of Bitcoin. The Bolivian Central Bank issued a resolution prohibiting it, as well as any other currency not authorized by a country or economic zone, from being used in Bolivia.

China
The Chinese government has decided to outright prohibit cryptocurrency trading and mining. Since 2013, China has imposed a number of restrictions on the use of bitcoin. In September 2021, the government deemed crypto mining and crypto transactions illegal, resulting in a total cryptocurrency ban.

Vietnam
Even while bitcoin mining and the use of blockchain technology are still legal, you cannot use any type of cryptocurrency to make purchases.

Iran
To combat money laundering and terrorism, Iran's Central Bank has formally outlawed the usage of cryptocurrency in financial transactions. The move is seen as part of Tehran's efforts to maintain control over the money market after the rial fell to its lowest level this month.

Egypt
In 2018, Egypt's Dar al-Ifta, the country's main Islamic advisory body, issued a religious decision declaring Bitcoin transactions to be 'haram,' or illegal under Islamic law. As a result of the advise, any cryptocurrency transaction is considered 'haram' in the country.

Indonesia
The central bank of Indonesia, Bank Indonesia, established new laws on January 1, 2018, prohibiting the usage of cryptocurrencies, including Bitcoin, as a form of payment.

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