Number of countries that have banned cryptocurrencies doubled in 3 years

According to a study by the U.S. Library of Congress, the number of nations that have banned crypto has grown.

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Many of us imagined that the greater the knowledge of cryptocurrencies, the greater the number of nations that would accept their legal use, especially after the much publicity that has been given to their adoption by small countries. as El Salvador . However, this is not the case. A study by the Library of Congress reveals the opposite.

The number of countries that have banned in whole or in part Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. has more than doubled in the last three years, according to the study made in November 2021 by that institution.

In particular, the study divides the list of nations into those that have enacted regulatory measures permitting its use and those that have banned it. The bans are classified into two types: absolute and implicit.

By November 2021, nine governments vetoed or banned all commercial activity involving the use of cryptocurrencies, according to the research. The nations are China, Algeria, Morocco, Tunisia, Egypt, Iraq, Nepal, Qatar, and Oman that have a complete ban on Bitcoin.

A similar 2018 study revealed 8 jurisdictions with outright bans and 15 with implied bans. The November 2021 update lists 9 countries with an absolute ban and 42 with an implicit but not total ban. So, in total, there were 23 nations with some sort of ban in 2018 and 51 in 2021, which is double (and more) the total bans of 2018.

However, it is worth noting that we are talking about a total of 194 nations recognized worldwide by the United Nations, so in reality the percentage of countries that deny crypto is around 22% only.

Prohibitions… and also regulations

Absolute regulations are described as having a complete and total veto over the use of cryptocurrencies in any form. It occurs when there are rules in place by states that define their use as a crime.

However, the implicit rules are those that prohibit corporations and financial institutions from employing cryptocurrencies, but they do not prohibit people from possessing them.

It is worth noting that, in the same period of time, a number of countries have also adopted measures promoting the acceptance of Bitcoin and other cryptocurrencies. Others are studying them

In addition, the report provides a list of nations that, while not banning the use of cryptocurrencies, have enacted tax and anti-money laundering (AML) measures. According to the research, 103 countries now have anti-money laundering measures in place . Whereas in 2018, only 33 states had adopted this legislation, a 300% increase in just three years.

AML anti-money-laundering laws, regulations, and procedures that aim to end the unlawful income practices. standards do not imply limitations on the use of cryptocurrencies, as this type of policy is often applied on cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges or trading platforms, rather than on proprietary security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. wallets.

Here you can see the full report, country by country .

And below is the map showing the total and partial bans: