Countries banning and regulating Bitcoin

Though the mystery behind the origin of Bitcoin and cryptocurrency is still unclear, few understand it as a blessing and while others legislate against perceived threats. While regulators and authorities of different nations are enforcing bitcoin and its use, citizens all around struck on a point that whether Bitcoin or cryptocurrency is banned or regulated.

Let’s take a closer view on countries that have regulated or ban cryptocurrency

China – Banned the ICO ad cryptocurrency

Reports reveal that the People’s Bank of China (PBOC) has issued a statement to block access to all domestic and foreign cryptocurrency and exchanges. China’s most recent announcement aims to clamp down on all cryptocurrency trading.

France – regulations are roaming around

In early 2018, French regulators have called tough regulations on cryptocurrencies. During the speech, Bruno Le Maire, Finance minister of France has ordered a former central bank chief to draft and look upon new potential rules on cryptocurrencies that. The new rules would warn potential investors over the “risk of speculation and possible financial manipulation”.

Thailand – No ban but banks are restricted

To regulate cryptocurrency and prevent criminal activity, the Thai central bank has taken a similar stance to South Korea. It issued a circular which restrict banks and financial institutions to deal with five cryptocurrency activities.

By keeping an eye on severing regulations, Mr.Wisit Santiprabop singed the spherical that limits & bans banks from Investing or trading in cryptocurrency, exchanging cryptocurrencies, creating platforms for cryptocurrency trading, allowing clients to use credit cards to buy cryptocurrencies, and from advising customers on cryptocurrency investing or trading.

South Korea – Ban on anonymous ban account

Despite the warning from regulators on cryptocurrency investment that lacks guidelines, everyone from housewives to office workers rushed over the crypto market – thus South Korea announced the ban on anonymous bank accounts in cryptocurrency trading from January 30, 2018.

The effort by South Korea to stop virtual currencies being used for money laundering outlined yet another system “Real Name” that would require cryptocurrency traders to identify themselves with their real names.

Canada sees High Risk of Fraud

Central Bank of Canada object cryptocurrencies in two terms –  Stephen Poloz, Bank’s head says “they are crypto but they aren’t currencies”

Moreover, he notes I suppose they are securities technically … There is no intrinsic value for something like bitcoin so it’s not really an asset one can analyze. It’s just essentially speculative or gambling.”

The country keeps on adding that around virtual currencies “there is a high risk of fraud”.

Besides these top five countries, there are other nations walking in the same rally. Countries like Japan, Mexico, Brazil, India, USA and the United Kingdom are not surely announced Bitcoin a ban or illegal rather they are enforcing severe regulations to prevent illicit activities & tax evasion.