It was in 2009 when the world was getting introduced to the new digital currency: Bitcoin. Satoshi Nakamoto, the mysterious creator(s) of Bitcoin, programmed the encrypted platform with a maximum of 21 million Bitcoin to be ‘mined,’ the digital version of printing new currency. Based on the current rate mining is expected to expire in 2140 – what a different place the world will be then! Asssuming using using Bitcoin is not banned before then – more on that below.
This and many other interesting facts can be found in the new compilation of data from Bitcoin Play.
Bitcoin is the world’s first decentralized digital currency. It is not regulated by any government or any single entity. All of Bitcoin’s transactions data is transparent and can be traced back in BlockChain. Yet, the original owners of Bitcoin cannot be identified: they are registered as digital addresses which have no correlation to real life. It is this anonymity and decentralization that has both made the ‘cryptocurrency’ popular, but also prompted some governments to outlaw it.
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In the United States and Europe, you can now buy a coffee with your cryptocurrency at the coffee shop around the corner. Yet, in some nations even holding BTC can be considered as criminal offence.
The Countries Where Using Bitcoin Is Illegal
Let’s take a closer look at 8 of them:
Kyrgyzstan has banned the use of all forms of cryptocurrency as a payment method in the country, including Bitcoin and Altcoin. Although, there is no law prohibiting Kyrgyz people from buying, selling and using Bitcoin as a commodity.
All of the world’s digital currencies, including Bitcoin, have been prohibited to be used as a payment method in Ecuador. Yet, this country has created its own electronic money system: Ecuador’s Sistema de Dinero Electrónico, clearly recognizing the technology’s benefits.
As a part of Iceland’s Foreign Exchange Act, the use of Bitcoin in any transactions is prohibited. The statement reads:
“There is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.”
Bitcoin and other cryptocurrencies are prohibited to be used in Bolivia by The Central Bank of Bolivia.
Vietnam keeps the usage of Bitcoin across the country very regulated. Vietnamese authorities believe that Bitcoin is not a lawful payment method. Thus, Bitcoin is illegal in Vietnam both for individuals and for financial institutions but is still used on the black market as regulations are difficult to enforce.
Bitcoin transactions are illegal in Bangladesh. The use of the decentralized cryptocurrency can put you in jail for up to 12 years.
Taiwanese authorities do not accept Bitcoin as a currency, let alone its usage by individuals or banking institutions. Thus, Bitcoin is banned in Taiwan, and no Bitcoin ATMs can ever be found there, though savvy users still trade in the background.
China’s banks, financial institutions, and all other payment processing institutions are prohibited from making Bitcoin transactions. Nevertheless, Individuals are allowed to make Bitcoin transactions with other individuals.