Cryptocurrencies Banned in 50 Global Jurisdictions

e_abrams

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Dec 11, 2020
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A ban on all related cryptocurrency activities has recently been implemented in 8 jurisdictions around the world. These nations are Qatar, Oman, Morocco, Tunisia, Bangladesh, Egypt, Iraq, and Algeria.

The total number of jurisdictions that have imposed similar bans is 50, including the onese we just mentioned. In 2018, this number was only 15. All these jurisdictions have prohibited market players to offering, dealing, and partaking in crypto-related services and businessess.

The Library of Congress (LOC) in the United States claims that the number of jurisdictions putting an end to their relationship with crypto assets has doubled in the last three years. In 2018, the LOC first started issuing reports concerning cryptos and their regulation.

Reports claim that the number of jurisdictions banning crypto derivatives will increase in the future. India and Russia, two major crypto users, have had plans to issue legal bans on crypto services. In India, the bill is yet to pass and not much is known of it, yet the general feeling is that it will impose a downright ban on all crypto services.

Meanwhile, many countries with a major chunk of crypto trading citizens are increasing their grip on crypto regulations. The industry has been booming these last few years, and many officials are seeing this as a cause for concern, yet is still remains a challenging endeavor to draft a crypto regulatory bill.
Source
Considering cryptos' sheer popularity it is natural, I think, for there to be significant pushback too.