China was on the top of news headlines when it banned cryptocurrency-related business such as trading, mining, etc. However, the Asian country isn’t the only one out there that banned digital assets.
For instance, Algeria, Iraq, Qatar, Morocco, Oman, Tunisia, Bangladesh, and China have all banned cryptocurrency. The list goes on to 42 other countries that have implicitly banned digital currencies including Algeria, Bahrain, Bangladesh, and Bolivia, according to a 2021 summary report by the Law Library of Congress published in November.
Since 2018, countries and jurisdictions that have banned crypto implicitly or completely have doubled from when the organization first published a report on the matter.
Some governments that have banned cryptocurrencies argued that these digital assets are illegally used to fund terrorists, child porn, cyber-crimes among several other crimes. This is due to the decentralized nature of these digital assets that make them untraceable, and which cut middlemen in transactions like smart contracts for instance. Additionally, several countries argued that cryptos could destabilize financial systems.