Cryptocurrency is currently among the most profitable spaces in the world and everyone is rushing to buy some assets for themselves. In light of this, the thought that any country would bar its citizens from investing in new trading is shocking. It's good to remember that digital blockchain is normally not controlled by any specific institution. This is unlike money in a bank or other financial institutions which are governed by the law of the land. Perhaps this is where there is a disconnect between the regulator and e-currency, a deficiency of regulatory means.

Virtual investments have not been popular with most individuals until recently when their potential was revealed. This started with Bitcoin around 10 years ago, with an exponential growth that saw lots of people quickly become rich. These are of course those who had invested prior believing that the prices would improve. The majority of the states had for several reasons downplayed the possibility of virtual money growing to a significant market cap. This led to a situation where they were found in crossroads due to minimal or no laws to govern transactions.

Top territories that do not allow Cryptocurrency

So, what reasons are attributed to the banning of e-money and ownership in various territories? First, the main reason is lack of a system that can check and control the flow of investments. Cryptocurrency operates in a manner where no third party is required because transactions can be made directly between buyer and seller. The result of this is that you don't need to reveal your details as long as the address is verified. Therefore, most criminals have taken advantage of this to carry out their illegal actions without being tracked. If not checked, this has the potential to harm the performance of an economy.

Consequently, the other reason why states choose to ban virtual money is because it denies them the much needed revenue. Digitally generated assets are operated by a series of computers worldwide and therefore nobody has full control on the price and transactions. You can imagine if a citizen invests all their savings on cryptocurrency it means the state can't monitor their actions or how they use their belongings. All is not gloomy because plans are underway to develop assets that comply with state rules. Until this is done, crypto will remain banned in the following territories:

Consequently, the other reason why states

First, Bolivia tops the list as the country that does not allow cryptotrading. This came solidly from the Central Bank, which issued a statement prohibiting any use of digitally generated investments, whether buying or selling. You'll remember that Bolivia has a long history of criminal and organized crime attributed to the drug trade. Drug traffickers have recently improved their money handling plans by seeking solace in cryptocurrency. The main reason is that it's easier to handle than flat cash and risks are lesser. As cited by the Bank, the move was meant to curtail all criminal activity.

The other territory is the state of Kyrgyzstan which totally prohibited any use of Bitcoin or Altcoins. This came from the highest office in the financial institution citing the use of these new currencies as bad, meaning you can't perform any transaction using any of the listed equities freely. The good thing is that there is still no official law which prevents the citizens from buying and selling Bitcoin through the online platforms. Those who wish to buy and sell the assets are at liberty to do so as long as they don't break laid down procedures.

The other territory is the state

Another state on the radar for banning crypto activities is Bangladesh, found in Asia too. The state recently launched a joint effort by Financial Intel and the Computer Crime Unit to arrest all those who engage in businesses that are deemed illegal. Authorities mainly cite economic risks as the reason for closing down the trade. Not far away from Bangladesh, Iran has not been left behind in taking strict measures against virtual trading. The move was taken to cut the avenues that terrorists and cash cleaners were using to fund their illegal activities.

Nepal is another country which has totally banned any work revolving around e-currencies. Nepal Rastra Bank stated that this new form of trading had the potential of hurting the economy greatly. Well, this can be understood because of the fragile location and size of Nepal. The move was further emphasized by a series of arrests that were conducted against those who were found still participating in cryptotrading. Among them were those who managed various digital exchanges in the land of Nepal.

Nepal is another country which has

Following the list closely is Thailand as you could easily expect. Through the Bank of Thailand it classified all digital money acts as unregulated trade and anyone found breaking the law would be palpable. This was perhaps driven by a desire to salvage the economy from illegal activities where revenue was lost. Additionally, it was believed that terrorists were using the chance to clean their illegal cash that could then be used to fund terror plans in and out of the country.

In addition, Indian authorities warned its citizens against the use of digital assets. The government did not shy away from expressing its concerns that the new form of trading was probably harmful. This is perhaps an act of good will to protect the citizens from uncertainties that tend to rock the market. The other country that refused to name the equities as legal tender is Ecuador. Through the Central Bank of Ecuador, the financial authorities have clearly stated that all activities involving buying and selling through the internet are prohibited.

To sum it up, every territory had its reasons for banning the use of Cryptocurrency. The above are just some conspicuous regions where the government has made a clear position on rejecting use of digital currency. There are still countries that are trying to come up with ways of regulating this field even though it remains difficult. The greatest problem remains for citizens and residents of these regions since they risk lagging in terms of investing for the future because e-money is part of the future.