Vietnam

Countries Where Crypto is Banned

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1. Qatar

Despite that, some countries have completely banned cryptocurrency. We have brought 7 countries where cryptos are forbidden. So take a look for all the insights....

2. Bangladesh

Most of us love the Middle East for its oil money, luxurious life of the Arabs, food, and culture, and the various old and new architectural designs amidst the desserts. But did you know that Qatar isn’t very friendly to the cryptos? The Qatar Financial Centre Regulatory Authority(QFCRA) has already announced to its citizens that any kind of crypto-related services is banned in the nation. The Qatar Financial Centre or the QFC is a jurisdiction within the country, having its tax, business, and financial infrastructure. The regulatory authority has vividly defined that trading and holding cryptos, payments using cryptos, and any services facilitating the same aren’t legal....

3. China

Bangladesh is another country that is strictly against cryptos. Unlike Egypt, Bangladesh has been straightforward to its people way back. Way back in 2014, when there weren’t many cryptos but Bitcoin, the Central Bank of Bangladesh clearly declared that anyone caught using Bitcoin would be facing jail in a money-laundering case....

4. Algeria

After Bangladesh, there is another Asian country on the list. China put a complete ban on cryptocurrencies in September 2021. The Government warned its people before, thus making it clear to refrain from crypto transactions or possessions. Whether it’s crypto mining or crypto exchanges, China has strict laws against any actions regarding cryptocurrencies....

5. Iraq

Algeria is the fourth country on our crypto ban list. The Government banned the usage, possession, and trading of cryptocurrencies back in 2018, and the law still holds to date. There haven’t been any amendments or relaxations to the country’s crypto law, thus portraying the Government’s firm decision regarding cryptos. Therefore, the crypto enthusiasts can only hope that their Government gives a green signal for improving the crypto scenario in Algeria....

6. Morocco

After Algeria, Iraq is another country on the list. Like the other countries that don’t welcome cryptos, Iraq has also been hostile to the new-age online decentralized currencies. It all dates back to 2017 when the Iraqi Central Bank made it clear through a formal statement that there won’t be any use of cryptos within the nation’s borders....

7. Vietnam

Like Iraq, Morocco too banned the trading of all cryptos way back in November 2017. Office des Changes, the nation’s regular currency, made it clear about the country’s take on digital currencies. The Government’s Ministry of Finance made it crystal clear that payment via cryptos will result in heavy penalties....

What’s Your Take?

The 7th and last country on our list is Vietnam. The Asian country seems to be firm about its crypto decision. Interestingly, the State Bank of Vietnam has made it clear officially to all the nation’s citizens that the issuance, circulation, or using cryptos as payment is illegal. As a matter of fact, to impose more control on the public, the Vietnam Government has come up with a fine if anyone is found guilty. The fines range from 150 million VND to 200 million VND....

Frequently Asked Questions on Crypto

This was our list of 7 countries where cryptocurrency is currently banned. Apart from these 7 nations, countries where crypto is banned like Bolivia, Indonesia, Nepal, and Nigeria have also banned trading or payment in cryptos. While several people, governments, and institutions are taking cryptos seriously, some countries are still turning blind eyes to the newest changes in the finance space....