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 became the first country to declare bitcoin 100% legal currency. Getty Images.

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.

Albanian Cyprus Hong Kong North Macedonia Czech Republic
Germany South Korea Hungary malt Romania
Angola Costa Rica India Mauritanian Singapore
Argentina Croatia Ireland Mexico South Africa
Australia Denmark Iceland Namibia Sweden
Austria Slovenia Israel Nicaragua Swiss
Belgium Spain Italy Norway Thailand
Belarus USA Jamaica New Zealand Tanzania
Bosnia and Herzegovina Estonia Japan Netherlands Trinidad and Tobago
Brazil Philippines Kyrgyzstan Pakistan uzbekistan
Brunei Finland Lebanon Poland Venezuela
Bulgaria France Lithuania Portugal Zimbabwe
Chile Greece Luxembourg Great Britain

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.

Saudi Arabia Ecuador Qatar
bangladesh Indonesia Russia
Cambodia Iran Taiwan
Canada Jordan Tanzania
Colombia Nigeria Türkiye

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

Source: Digital Trends

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I am Garth Carter and I work at Gadget Onus. I have specialized in writing for the Hot News section, focusing on topics that are trending and highly relevant to readers. My passion is to present news stories accurately, in an engaging manner that captures the attention of my audience.


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