Countries That Are Still Opposing Bitcoin Technology

Bitcoin has been a hot topic for the last couple of years. There are talks going around the world whether Bitcoin is a good investment or bad. There are countries around the world where Bitcoin technology has been seen as a threat and eventually it has been banned. Although western countries like USA, UK, and other countries have shown a positive attitude toward the bitcoin and digital currency, there are countries like Canada and Australia who are still debating whether bitcoin is legal or illegal in their system.

Countries That Are Still Opposing Bitcoin Technology

Here is the list of countries where investing in Bitcoin technology is still considered as an illegal move.

1. China

Banking institutions, as well as employees, are banned from engaging in Bitcoin business through banking. However, the Bitcoin ban is not applicable to the common man and they can participate in purchasing and selling the Bitcoins.

China

2. Russia

Russia is another country where Bitcoin technology is considered as illegal. However, the ban from Russian Government has not been publicly announced. But going by the trends, it seems that Russian Government is not kind on the Bitcoin trading. Even gold purchases are discouraged in Russia, so one should think twice before making any investment decision.

Russia baning bitcoin

3. Bolivia

El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies. The country doesn’t allow the use of those currencies that are not regulated and controlled by government officials.

Bolivia Bitcoin

4. Sweden

Bitcoin has suffered a minor ban in the country when the government banned purchasing and selling of metal or waste products through Bitcoin. This ban was seen as the government interference for the future, but so far it is being confined to the few industries.

Sweden Bitcoin Ban

5. India

According to the recent statement by the central government, banks will not deal or serve in the Bitcoin business. This issue has been widespread across India that in upcoming years Bitcoin will totally ban.

India

6. Iceland

In the year 2014, Central Bank of Iceland released a statement that Bitcoin and digital currencies have been banned. As cryptocurrency is not compatible with country’s Foreign Exchange Act, government employees cannot do trading with Bitcoins. However, normal people can still participate in the Bitcoin exchange.

Iceland

7. Thailand

Thailand has also joined the list of countries which have banned the Bitcoin technology. According to news reports, the Bank of Thailand ruled out Bitcoin illegal on July 29, 2013. After that, Bitcoin businesses have been able to conduct business and get licensed, but the ban technically is still there.

Thailand

8. Vietnam

Vietnam has released a statement in February of 2014 stating “Transaction by Bitcoin is highly anonymous, so Bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment,” the central bank said in a statement”.

Vietnam

Apart from the above countries, several other small and big countries are also there that have strictly banned Bitcoin technology. It would be quite interesting to see that what will be their stance in the future.

You may also like reading – What are the best ways to buy bitcoin if you are a naive?

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