How many countries – so many variations of regulation of the cryptocurrency industry. And this rule applies even to countries of the European Union, despite the fact that there is often found a single legislation for all member countries. In the US regulations vary from state to state. This means that you always need to check local laws before contacting with Bitcoin. But there are exceptions. Not so long ago we wrote about the countries with the most favourable conditions for working with cryptocurrencies. Today, take a look at the back of the list.
Where is Bitcoin
In General, the legal status of Bitcoin around the world can be divided into five categories. On the map below you can see how to treat Bitcoin in different countries: there he legalized (green), outlaw (red), questionable attitude (pink), there are restrictions (orange) and regulation no (gray).
So which countries to Bitcoins are the worst of all?
The country, whose Embassy in London, hiding Julian Assange for nearly seven years, would seem to be the most friendly to Bitcoin. Unfortunately, it is not. At the end of 2014 Ecuador has banned Bitcoin and other cryptocurrencies. Then the government argued its plans to issue a national digital currency Dinero Electrónico , with the support of the Central Bank.
However, the coin never saw the light of day, and the project was eventually abandoned. In proof of the fact that Bitcoin and its users are resistant to any governments in the country now there is a small and very resistant to the Bitcoin community. In Ecuador there are at least two BitComet. Also, working and thriving decentralized cryptocurrency exchange.
Read on: Bitcoin-ATMs — what you need to know before using them?
According to the official statement of the Central Bank in 2018, a strict ban on the cryptocurrency is subject to mitigation. However, the main Bank of Ecuador warned that Bitcoin is a risky, speculative asset which he has no control over and does not guarantee security. Thus, according to representatives of Bank, “de facto prohibition on the purchase/sale of cryptocurrency via the Internet is not”. But to pay for goods and services with bitcoins in the country is still prohibited.
In Nepal Bitcoin is prohibited strongly and hopeless. In August 2017 the Central Bank of Nepal issued an official statement that Bitcoin is not an official currency in the country. In the same year, in his speech, Deputy Director of the Central Bank called Bitcoin illegal.
In October 2017, seven Nepali nationals were arrested by the Central investigation Bureau (CIB) of the country for the illicit exchange of bitcoins. A month later was arrested 2 people involved in cryptocurrency activities in Nepal.
Being a Communist country, Nepal completes the list of six other Communist regions in which Bitcoin, if not banned completely, then at least severely limited. It is China, Cuba, Laos, North Korea and Vietnam.
The situation with Egypt is interesting because before Bitcoin was banned for religious reasons. Egyptian Islamic educational Institute and government body Dar al-Ifta announced a Bitcoin transaction is “Haram” — a sin. Any activity designated as Haram under Islamic law is prohibited.
In turn, in Indonesia the reverse situation — in spite of Islamic law, in this country, the Bitcoin acknowledged "Halal". This is all that is permissible in Islam. Many other Muslim countries followed the example of Indonesia and is fully or partially legalized cryptocurrencies.
Given this trend, Egypt has been something of an anchor. Although it should be noted, Bitcoin is banned in Pakistan, Algeria and Morocco, as well as restricted at the Bank level in Saudi Arabia, Jordan and Iran.
In may 2019, a source in Egyptian government said about the bill on the introduction of licensing requirements for cryptocurrency. If it is implemented, it will repeal the absolute ban on the cryptocurrency in Egypt. After that, residents will be able to buy bitcoins and other cryptocurrencies on the approved exchange.
In our Halal cryptodata you will find lots of other useful information. We also invite you to visit Yandex Zen.
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