Bitcoin as we all know is the world's first global digital currency or cryptocurrency. Bitcoin is not issued by Central bank like paperless money.
It's an electronic paperless money that can only be disturbed through Bitcoin mining pool which are transferred straight to your coin wallet.
Recommended for you 3 Best online secure bitcoin wallet
Unfortunately, Bitcoin is illegal some countries. You might have this question in mind
are bitcoins anonymous?
NO! All Bitcoin pseudonymous and all transactions are public, traceable, and permanently stored in the Bitcoin network.
Algeria, Bolivia, Ecuador, Bangladesh, Nepal, Cambodia, Egypt, Morroco, Columbia, Saudi Arabia, Iran, Pakistan, China, Taiwan, Indonesia,
1: ALGERIA
As of 2017 bitcoin was legal in Algeria, until the Algeria government passed 2018 Finance Bill banning all bitcoin trading and holding in the country. Algeria hopes to establish a strict control over this kind of digital transactions.
The ban was place to reduce drug trafficking, tax evasion, and money laundering in the country. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force
2: BOLIVIA
[El Banco Central de Bolivia] the Central Bank of Bolivia has issued a ban on bitcoin and any other currency not regulated by a country or its economic zone in 2014. Including namecoin, peercoin, Quark, litecoin, primecoin , Ethereum. Any breach of this provision is punishable in accordance with the laws and regulations in force.
3: ECUADOR
In 2014 the National Assembly of Ecuador banned bitcoins including other decentralized digital crypto currencies/altcoin, due to the country establishment of a new electronic money system. The new project would be controlled by the government and tied directly to the local currency.
With Ecuador electronic money system users will be able to pay for select services and send money between individuals. The E-currency is called Dinero Electronico
4:BANGLADESH
In September 2014, central bank of Bangladesh placed a ban on Bitcoin and also pass a circular saying that
"anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws" prosecuted in jai up to twelve years in jail.
Reasons bangladesh place a ban on bt coin
• To maintain control over financial and banking system of the country.
• To improve the country economic
5:NEPAL
13 August 2017 Nepal Rastra Bank declared bitcoin as illegal for reasons we don't know. But We suspect this could be any of the reasons.
• Laws of Nepal
According to a statement released by the Central Bank of Nepal. The foreign exchange act of 2019 BS and then NRB act of 2058 BS. Basically, it says that you can’t have bitcoin transaction in Nepal or use bitcoin to exchange foreign or Nepali currency, because bitcoin is not classified as a currency by Nepal Government, and hence using internet for bitcoin transactions or exchange is illegal.
•Use in illegal activities
Reports of bitcoin being used for money laundering or exchanging of black money with Bitcoin is another reason why Bitcoin is banner
6: CAMBODIA
On 19 June 2018, the National Bank of Cambodia (NBC), the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police stated that "the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities" and "shall be penalized in accordance with applicable laws
7: EGYPT
The primary Islamic legislator in Egypt, has issued a religious decree classifying commercial transactions in bitcoin as haram (prohibited under Islamic law
8: ALGERIA
According to the "Journal Officiel" (28 December 2017): Art. 117. — The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.
9: MOROCCO
On 20 November 2017 the exchange office issued a public statement in which it declared, "The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force.
The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, : Al-Maghrib and the Moroccan Capital Market Authority (AMMC), warning against risks associated with bitcoin, which may be used "for illicit or criminal purposes, including money laundering and terrorist financing
10: COLUMBIA
Implicit ban. The Superintendencia Financiera warned financial institutions in 2014 that they may not "protect, invest, broker, or manage virtual money operations
11: SAUDI ARABIA
Implicit ban.[15] The Saudi Arabian Monetary Authority (SAMA) has warned from using bitcoin as it is high risk and its dealers will not be guaranteed any protection or rights.
12: IRAN
In April 2018, Central Bank of the Islamic Republic of Iran issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies, citing money laundering and terrorism financing risks.
13: PAKISTAN
As of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan.
14: CHINA
On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.
On 1 April 2014 PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks.
Cryptocurrency exchanges or trading platforms were effectively banned by regulation in September 2017 with 173 platforms closed down by July 2018.
In early 2018 the People's Bank of China announced the State Administration of Foreign Exchange led by Pan Gongsheng would crack down on bitcoin mining. Many Bitcoin mines in China had stopped operating by January 2018.
15: TAIWAN
On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.
On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.
16: INDONESIA
On 7 December 2017, Bank Indonesia, the country's central bank, issued a regulation banning the use of cryptocurrencies including bitcoin as payment tools starting 1 January 2018.
Culled from Wikipedia
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