Some countries in the world are ready to embrace cryptocurrencies and let the citizens use them, without limitations. But, there are those who still haven’t figured out how to make things easier for the people, and regulate the existence of Bitcoin or the other cryptocurrencies. So, they don’t have another solution, instead of forbidding it completely. There are plenty of reasons behind that, including the fact that we can’t really hold them in our hands, or spend them just like we do with fiat currencies, and credit and debit cards.
There are those countries that have already regulated this, and they are even encouraging the people to be more open to the changes in the finance sector. When it comes to Bitcoins, we can say they are the most popular cryptocurrency since day one, because they were the first to be invented and become commercial among people. But since then, they are surrounded by conspiracy theories, lack of trust, and doubt. That’s why some people still don’t want to try to earn them, and some authorities in the world completely forbid them and even ban them for a lifetime. Some people support that, and others use them illegally, by getting out of the country to exchange them, or even buy goods using their Bitcoins.
This thing is not related to the country’s development, so we can’t get a general impression on who is supporting these changes, and who won’t give their citizens a chance to earn some cryptocurrencies, and make some profit with them. Here are some of them (not in alphabetic order):
This country banned Bitcoins and all the other cryptocurrencies, for every possible financial activity, including only holding them in a crypto wallet. People there are prohibited from buying, selling, and using these currencies in general, or even getting interested in that. If someone breaks the law, they will have to file a lawsuit against that person, so people there know that every activity on the crypto market is punishable, and they are avoiding them at any cost.
There is an absolute ban over every type of crypto activity. They want to protect their citizens from suspicious activities on the market and prevent pyramid schemes. Even though there is no such scheme in the crypto business, they still don’t want to ease the conditions and let the people at least try to earn something. The Bolivian authorities have very strict laws when it comes to financial crimes, and any kind of currency that is not approved there results in punishing the person that is trying to use them. We can say it’s very strict, knowing that the influence of cryptocurrencies is huge everywhere, but right now, people from Bolivia don’t have any chance to even think about cryptocurrencies.
The National Bank of North Macedonia (The Central Bank) issued a statement a few weeks ago, telling the people their cryptocurrencies are completely illegal, and every transaction and action, is considered a crime. They had a long announcement related to all the aspects of the financial working regulated in the country, and they advise the people not to take any risks, because mining, trading, and exchanging aren’t regulated by law right now. According to some sources, this is the only European country where crypto money is illegal. Even if the citizens come up with some solution, by going out from the country to earn and cash them out, the authorities already put a lot of guilt over them. As you can see on ibtimes.com.au, there are a few ways to cash out the crypto savings, but sadly, not every citizen in this world, including the Macedonians, is able to do that without causing a law issue.
You didn’t expect this, right? Bitcoins are invented in China, but why are they banned there? The truth is some regulations may have an influence over the whole process of earning this money. Their Central Bank still doesn’t consider them as money and doesn’t let the people use them. On the other hand, they are trying to develop their own cryptocurrency, that will be used all around the country – and when that happens, they say, it’s the end of the Bitcoins on that territory.
A lot of things are banned in Morocco, and cryptocurrencies are only one thing the citizens aren’t allowed to do. If someone is caught using Bitcoins, or trying to spend them, they can end up in jail for years. Also, the authorities don’t even show a wish to let the people start using the cryptocurrencies, so if you had any intentions to spend your savings there, you better not do that, or simply forget that you have them if you travel to Morocco.
As you can see, most of the countries on this list are developed and have good living conditions for their citizens. But, on the other hand, they aren’t completely developed. Some of them had some political issues for years, others have religious restrictions that are influencing the general lifestyle, and the authorities are there to try to provide the best protection for them. Considering Bitcoins as a crime will stay in the years to come, but we can all hope the people will overcome the scare, and authorities won’t be that strict.
On the other hand, when people from these countries travel to other countries, they are allowed to earn and spend the money there, because the other regulations apply to them when on another territory. But, it’s still risky business, knowing that we usually have a limited time to stay somewhere, and with the whole COVID-19 situation, most of the people aren’t even allowed to leave their city, not the country.
But, there is always some hope that all of these things will be in the past soon, and that every person on this planet will have a chance to even try how the cryptocurrencies work, and if they like it, to start earning them, for a hobby, or a way to make an additional profit for the household.