Cryptocurrencies are Banned and Considered Illegal in these Countries

We are, without a doubt, in the midst of a cryptocurrency revolution. Many countries are starting to see the benefits that cryptocurrencies can bring to their economies and have enacted legislation to regulate them. Cryptocurrencies, like Bitcoin, have already gained widespread acceptance, and those who refuse to admit it will be left aside. Some countries continue to view cryptocurrencies and Bitcoin as a danger to their economies.

The following are some of the countries that have prohibited the use of cryptocurrencies.

Iran

Iran's President Hassan Rouhana recently declared a nearly four-month ban on the energy-intensive mining of cryptocurrencies like Bitcoin, as the Islamic country grapples with widespread power outages in many cities. The country believes that by prohibiting crypto mining, it will be able to avoid blackouts in large cities, which would affect people's lives and companies.

Bolivia

Bolivia has reiterated its opposition to allowing the use of cryptocurrencies in the nation, citing recent criminal activities by some residents. The Central Bank of Bolivia released a statement reminding the public that the usage of virtual coins is illegal after denouncing a disguised pyramid scheme based on a supposed investment in cryptocurrencies.

North Macedonia

North Macedonia seems to be the only European country that outlaws the usage of cryptocurrencies like Bitcoin and Ethereum. Cryptocurrency investing is illegal, and national banks have cautioned that crypto transactions are linked to illicit activities. The Central Bank also reminded its residents that trading in cryptocurrencies is dangerous because the platforms where these transactions take place aren't regulated.