The crypto business has been banned in 51 nations around the world, with nine countries having put outright prohibitions on crypto, and another 42 jurisdictions with an implicit ban, according to the report by the Law Library of Congress.
51 countries have banned cryptocurrency
According to a report published by the Law Library of Congress’s Global Legal Research Directorate (GLRD), the crypto business has been banned in 51 nations around the world.
The study was first released in 2018. However, it has subsequently been revised to include fresh findings.
“Whereas the 2018 study identified eight countries with an absolute ban and fifteen jurisdictions with an implicit prohibition, the November 2021 update identifies nine jurisdictions with an absolute ban and 42 jurisdictions with an implicit ban,” according to the report.
The term “absolute bans” refers to laws that make the use of cryptocurrencies unlawful.
Implicit prohibitions are those that prevent banks and other financial institutions from trading in cryptocurrencies or providing services to people or businesses who use them. They also mention prohibiting bitcoin exchanges from doing business in the jurisdiction.
Dismantling the restrictions
Nine countries have put outright prohibitions on crypto, according to a Library of Congress analysis.
Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia are among them. China has gotten the most attention of all of them this year.
The Chinese government has prohibited bitcoin trading since 2017, but it has gone much further this year after cracking down on cryptocurrency mining.
As a result, there has been a significant geopolitical shift among miners to other parts of the globe. The United States is presently the most important market, followed by Kazakhstan and Russia, in that order.
Before the crackdown, China controlled almost two-thirds of the Bitcoin mining market.
Tanzania, Toga, Turkey, Lebanon, and Bolivia are all included in the implicit bracket. There are 21 countries that have confirmed that they do not apply anti-money laundering or counter-terrorism financing regulations to the crypto industry, which is alarming.
Brazil, Guernsey, Jordan, Pakistan, and Kazakhstan, which have emerged as some of the world’s most important mining jurisdictions, are among them.
