Over the past few years, cryptocurrency has taken the western world by storm, with the top crypto coins now worth thousands of dollars. But, while the crypto industry may seem like it’s booming, a considerable number of countries have banned or highly restricted the use of cryptocurrency. So, which countries are saying no to crypto, and why?
1. China
China is a wealthy country that, until recently, had a thriving crypto market. However, the Chinese government decided to ban cryptocurrency trading and mining entirely. Since 2013, China has been limiting the use of cryptocurrency via numerous restrictive measures. These measures eventually resulted in a total cryptocurrency ban in September 2021, when the government made crypto mining and crypto transactions illegal.
These prohibitive laws resulted in the ban of all cryptocurrency activity across the country. Several exchanges announced that they would no longer be providing services to Chinese citizens while also blocking any Chinese IP from using said services.
While this seems pretty extreme, it really isn’t much of a surprise when you consider China’s state-run economy. The unregulated, decentralized nature of cryptocurrency would mean that Chinese authorities would not have a solid grasp of how things progress, which contradicts their economic ideas or desires. Too bad, really, given how hugely prominent China once was in the crypto mining industry.
2. Algeria
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