Reports & Analysis

In which countries is Bitcoin monitored and controlled?


Governments around the world have different views and policies on digital currencies, the most important of which is Bitcoin. Western superpowers such as the United States and Britain have shown a positive attitude towards this new technology. Some countries, such as Canada and Australia, have not banned bitcoin but have set small rules. In this article, we will review bitcoin laws in 9 important countries of the world.

Bitcoin

It should be noted that non-support and non-recognition of bitcoin and its ban are two completely different issues. Many countries have not stated their position on bitcoin, but this is not a reason for banning bitcoin in those countries. The list includes only nine countries that have stated their positions on bitcoin in official statements.

Attention:This article was translated from a reputable website and is about 1 year ago. Therefore, there may have been changes in the laws of the following countries since then.

Bangladesh

The Central Bank of Bangladesh in an official statement expressed its concern about the lack of a central payment system in Bitcoin, citing the possibility of financial losses to the public. According to the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012, Bitcoin is banned in Bangladesh and can carry up to 12 years in prison.

In September last year, the country’s central bank announced in an official statement:

In Bangladesh, the use of bitcoin or any other digital currency will carry special penalties.

Bolivia

The National Bank of Bolivia has declared it illegal to use any currency that has not been printed and is not controlled by the government or a legal entity.

China Bitcoin Rules

China

There is a common misconception among people that bitcoin and digital currencies are completely banned and illegal in China; But China is the largest trading center for bitcoin. The ban on bitcoin has only been imposed on Chinese banks and government institutions. 70% of the shares of the People’s Bank of China are owned by the government. Financial institutions and government employees are banned from using bitcoin. Trading or mining bitcoins is not a problem for ordinary citizens.

Ecuador

Ecuador’s ban on bitcoin transactions is more reasonable and acceptable than any other country. Because Ecuador is building a national electronic monetary system, they need to take care of their new currency against a stronger and more popular one. A decentralized currency with limited production that governments or banks cannot manipulate is contrasted with a fledgling currency that has none of these characteristics, causing the national currency to depreciate in the eyes of the people.

Iceland

As of March 19, 2014, the Bank of Iceland issued a statement explaining the state of digital currencies in Iceland, stating that trading in them is prohibited under the Icelandic Foreign Exchange Act. According to the law, Icelandic currency must not be taken out of the country to buy digital currency. The law does not officially ban bitcoins, but when Icelandic currency is not allowed to leave the country, it means that it is not possible to use bitcoins.

Russia

Even with the recent victory of the Ural Act to lift the ban on websites related to bitcoin and other digital currencies in Russia, bitcoin is practically banned, even if it is not legally banned. Despite the improvement in the Russian ruble, its value has continued to fall by more than 30% compared to January 2014; For this reason, banks and the government do not have a positive view of those who exchange currencies other than Russian money, whether digital or non-digital.

Sweden

Bitcoin is partially banned from trading in scrap metals and counterfeit products. In Sweden, the ban on bitcoin is currently limited to these cases.

Thailand

In 2013, the National Bank of Thailand banned bitcoin until new rules were announced. Of course, this ban is temporary and will be lifted soon.

Vietnam

In February 2014, Vietnam banned bitcoin and all digital currencies in credit institutions. Its ease of use for fraudulent purposes and its high risk for investors are the reasons for the ban on bitcoin in this country.

Source: cryptocoinsnews

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