Cryptocurrencies: in which countries are they legal and where are they prohibited?

Since bitcoin appeared on the horizon in 2009, cryptocurrencies have never been immune from controversy, and today everything related to them is more of a pessimism, with thousands of investors losing money in a crisis like no other. Perhaps for this reason, it is not surprising that there are quite a few countries where cryptocurrencies have never been allowed, although others have even adopted them as their official currency.

With the exception of El Salvador, these are cryptocurrencies that Tounregulated financial assetstherefore, they do not have legal currency status and are not backed by central banks.

You might be interested to know differences between cryptocurrencies and digital currency or learn how to mine bitcoins.

Countries where one or more cryptocurrencies are legal

El Salvador is the only country in the world that has recognized bitcoin as a currency for legal circulation, that is, it has the same standard as the colon, the local currency. However, the measure is limited to this cryptocurrency only.

Countries Allowing Private Cryptocurrency Transactions

These countries do not explicitly prohibit transactions with cryptocurrencies, but most of their governments do not encourage them either and even warn buyers about the possible risks of volatility that these currencies pose. Among the countries and territories that do not interfere with cryptocurrency transactions are Argentina, Chile, Brazil, Spain, Mexico, Venezuela and the United States.

Countries with banking restrictions for cryptocurrencies

In these countries and territories, they restrict only commercial transactions with bitcoins, but prohibit banks from participating in this market. In these cases, Canada, Colombia and Ecuador. Other countries such as Vietnam or Saudi Arabia prohibit their use as payment instruments.

Countries where cryptocurrencies are illegal

The final group consists of countries and territories where all types of operations with cryptocurrencies are prohibited, as well as cryptomining. This group includes China and Bolivia, which have banned all types of currencies since 2014.

• Algeria
• Bolivian
• China
• Egypt
• Kosovo
• Morocco
• Nepal