BitCoin Trading System Uninteresting to Some countries!

By Jessica Barnes | Posts

Jul 25

 

BitCoin is one of its kind, it’s the first cryptocurrency, a borderless form of money that mankind has ever seen.

Most of the countries in the world consider BitCoin trading system as legal with regulatory implications. For those countries it is a blessing, but not for others, some countries do not welcome these digital currencies to their country. Various government agencies and courts differ the usage of it. There are some countries which consider it as illegal and the government seeks regulation and passing laws to ban this system. Here is a full review of Countries that banned BitCoin Code System

Bolivia

In 2014  The Central Bank of Bolivia has issued a complete ban on bitcoin. It seems that they are not comfortable to work with BitCoin.The threat that they are facing is that they might not be able to control the printing of money.

Ecuador

In Ecuador the National assembly has banned bitcoins this includes other forms of digital/cryptocurrencies too. This is a form of established state of the new electronic money system. It was the first country to launch its own digital currency.

Bangladesh

This is another country where BitCoin is banned, perhaps the only country where we can find the police running behind the individual users to knock them down. Moreover, in September 2014, the Bangladesh Bank stated anyone caught using this system of currency could be jailed under the country’s strict anti-money laundering laws.

Nepal

The Nepal Communist Government not at all welcomes the cryptocurrency system to the country; it seems that they don’t want such system to fall into the hands of Nepalese. They are still researching about this form of currencies for quite some time, and it seems they have made it illegal throughout the year. On 13 August 2017 Nepal Rastra Bank has declared Bitcoin as illegal and will take strict measures for those who violate the law.

 

Cambodia

In a statement published on June 19th, 2018, the National bank of Cambodia stated that dealing with cryptocurrencies without obtaining a license is illegal.

 

 

Macedonia

This country is also in the list which considers BitCoin as illegal were using of digital money is discouraged and anyone who violates the law will be imprisoned, where the responsible person or the legal entity will end up in jail for 3 to 5 years.

 

These are so far the countries which consider BitCoin as a curse, will they have a change of mind and welcome this money making system? We can wait and see!

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