Header Ads

Seven Other Countries That Have Banned Cryptocurrency

Cryptocurrency is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.


It has become a widely accepted means of payment, with greater capacity and faster settlement than other traditional financial structures. Its use has, however, been prohibited in some countries.

An instance is Nigeria, which on Friday, through the Central Bank of Nigeria issued a circular directing banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

Here are seven other countries where cryptocurrency trading has been banned.

China

The People’s Bank of China, which is China’s central financial regulatory authority, placed a ban on all domestic and foreign cryptocurrency exchanges in the country in 2017. China-based financial institutions are also banned from dealing and funding cryptocurrency related activities.

This move was said to have been made in a bid to curb overseas transactions leading to regulatory compliance evasion, which the government feared would pose a higher risk of fraud.

Bolivia

In 2014, the central bank of Bolivia, issued a ban on bitcoin and every other currency not regulated by states, countries, and economic area. The government of Bolivia says the ban is necessary to protect boliviano, the country’s currency, and to protect citizens from unregulated currencies that could lead them to lose their money.

Morocco

Morocco’s foreign exchange office and central bank prohibits the use of cryptocurrency for transaction in the country. Any citizen caught engaging in transactions involving the virtual currency will be fined. Illegal activities such as sale of drugs and weapons were stated as concerns that led to the ban.

Ecuador

Bitcoin and other digital currencies are currently banned by the Ecuadorian government. The central bank of Ecuador also prohibits the buying and selling of cryptocurrencies through the internet. The bank maintains that cryptocurrency is not a means of payment in the country.

Iran

Iran’s central bank in 2018, announced that it was prohibiting all financial institutions, including banks and credit institutions from dealing in cryptocurrency. Buying and selling currencies in the country are also currently prohibited. The bank’s action was said to be in a bid to address the problem of terrorism and money laundering in the country.

Bangladesh

In Bangladesh, the use of bitcoin is considered illegal as in 2017, the Bangladesh bank issued a ban on cryptocurrency. The bank said this is because cryptocurrencies do not conform to Foreign Exchange Regulation Act, 1947, Anti Terrorism Act 2009 and Money Laundering Prevention Act, 2012. It asked citizens to refrain from all transactions involving virtual currencies.

Nepal

In 2017, Bitcoin and other cryptocurrencies became considered as illegal forms of financial tender in Nepal, according to Nepal Rastra bank act and the 2019 foreign exchange regulation act. Shortly after the ban, a dozen individuals were arrested for involvement in illegal bitcoin exchange in the country. The Nepal government maintains the ban is because bitcoin is not classified as a currency in the country. The country also does not have technology to regulate cryptocurrency transactions.

There still exists a lot of global debate as to whether cryptocurrency should be recognized as legal tender and how it should be regulated.

Laws on cryptocurrency are however, frequently changing as many countries who had banned the virtual currency had later on lifted the ban completely, or restricted its use.



No comments

Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.

We will also try as much as possible to optimize your post for search engines as well.

Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.

2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.

Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.

Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com

Normally, we should respond within 48 hours.