5 countries have cryptocurrency problems

Bitcoin and other cryptocurrencies have been debated since 2009.

Some people, especially in the underdeveloped globe, perceive crypto as a safe refuge amid economic storms despite its volatility, unlawful use, and high electricity requirements.

El Salvador legalized money in 2021. The Central African Republic followed in April.

As more people use cryptos as investments or to get by, detractors have found new measures to limit their use.

In several countries, the relationship between Bitcoin and "altcoins" (coins similar to Bitcoin) is unclear or constantly changing.

Even though Bitcoin isn't illegal in most countries, its role as a payment or commodity has regulatory repercussions.

Some governments limit Bitcoin's use, and some banks won't buy or trade it. Other countries have outlawed Bitcoin and other cryptocurrencies, making their use difficult.

These 5 countries have the most Bitcoin problems

China

Since 2021, China has cracked down on cryptocurrency. Chinese regulators have cautioned citizens to avoid the digital asset market. China and other countries have cracked down on mining and currency trades.

PBoC Financial Consumer Rights Protection Bureau deputy director Yin Youping branded cryptocurrencies "speculative assets" on August 27.

People say China wants to launch its own e-currency by hurting Bitcoin, a decentralized currency not controlled by governments or institutions.

The PBoC plans to develop its own digital currency as one of the first major central banks. This would help it monitor citizens' transactions.

Egypt

Egypt's main Islamic advisory authority, Dar al-Ifta, declared Bitcoin transactions "haram" in 2018. Egypt's banking rules tightened in September 2020 to prevent persons from dealing or marketing cryptocurrency without a Central Bank license.

Bangladesh

Bangladesh's stance on crypto is unclear. The country's laws against money laundering and terrorism penalise crypto transactions with up to 12 years in prison. The country's new blockchain policy shows it's warming up to crypto and virtual assets. No one has been convicted for utilizing cryptocurrencies, either.

Iraq

Despite the government's efforts, cryptocurrencies are gaining popularity in Iraq. Iraq's Central Bank opposes them. Since 2017, they can't be used. Kurdistan's Ministry of Interior notified money brokers and exchanges in 2021 they couldn't handle cryptocurrencies.

Bolivia banned Bitcoin in 2014. Bolivia's central bank outlawed it and other uncontrolled currencies.