✎ As I sit back and ponder, thinking of the many things thought about when one thinks, I find myself wondering who will be the first Bitcoin Immigrant? Meaning, who will be the first to defect from their home country, for the primary reason, that they can no longer (or never could) use Bitcoin? Will the day come?
It may never happen, but what is for sure, is that several countries have put their foot down, and drawn a line in the sand that digital currency cannot cross. Here's a list of the countries who say NO to coin and have either hindered it's use or outright banned digital currency.
Countries Where Bitcoin Remains Illegal
The island nation has been exercising stringent capital controls as a part of its monetary policies adopted after the global economic crisis of 2008. It seeks to protect the outflow of Icelandic currency from the country. Under the same pretext, foreign exchange trading with bitcoin is banned in Iceland as the cryptocurrency is not compatible with the country’s Foreign Exchange Act. Interestingly, a new cryptocurrency called Auroracoin has lauched out of Iceland. Its founders wished to create a viable alternative to the present Icelandic banking system.
✎ Not to mention there's some rather large mining operations in Iceland.
VIETNAMFrom the beginning, Vietnam’s government and its state bank have maintained that bitcoin is a not a legitimate payment method. After a few initial rounds of public rejoinders against the use of bitcoin, Vietnam made it illegal for both financial institutions and citizens to deal in bitcoin. It links the cryptocurrency to criminal activities such as money laundering.
El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies.
KYRGYZSTANUsing bitcoin and altcoin as a payment form is illegal in Kyrgyzstan.
✎ Kyrgyzstan (Ok, show of hands, who even knew that was a country?) is likely following suite of neighboring Russia and China, they don't want to get stepped on, or blown off the map or anything.
ECUADORBitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly. However, the nation has plans to create its own cryptocurrency in the future.
RUSSIAThe legality of bitcoin in Russia is disputed. Russia’s Ministry of Finance is hoping to pass a law to ban bitcoin sometime this year.
✎ Shocker there! Russia continues it's journey back to the stone ages.
CHINAAll banks and other financial institutions like payment processors are prohibited from transacting or dealing in bitcoin. Individuals, however, are free to deal in bitcoin between themselves. Bitcoin culture is thriving in China. It continues to be one of the worlds larges bitcoin markets.
✎ Another "Shocker There" discovery, however, what is surprising would be the governments continued stance against digital currency considering its current share of the market.
In any case, there you have it. The rest of the globe supports digital currency in one way or another, some more friendly than others, and here in the US, some States are more supportive than others, but it's legal, and it's big business. We'll have to revisit this next year and see if the map still looks the same.
Personally, I think China will be the first of the bunch to change their anti-coin minds, once they figure out how to maintain full control of course, and join the majority of the planet in digital currency support.
❖ Originally Published by Investopedia. List by Prableen Bajpai ❖