Legality of Bitcoin: 4 Places Where Bitcoin Is Illegal

Countries like the US and the UK show a great interest in this new technology. Other countries are at least taking into consideration the possibilities Bitcoin offers. But some, some are just refusing to even research and find ways to be implemented in their system. These governments believe that cryptocurrencies are a threat to their national currencies. There are countries that find it easier to make cryptocurrencies illegal in general, bitcoin in particular so let’s find out where those places are.

1. Bolivia

The central bank of Bolivia made a statement that it is illegal to use any other currency that is not controlled and issued by a government. There is no need to discuss further, the statement says it all.

2. China

Although you may have read that Bitcoin is banned in China, don’t panic. Bitcoin is only banned for banks. China is the world’s largest place for Bitcoin trading. There is one problem however. The Bank of China is 70 percent government owned. People who work in banks are not allowed to interfere with bitcoin, but other citizens can legally mine it.

3. Ecuador

Ecuador may be the only country with a reasonable explanation of their ban on Bitcoin. They are trying to create a nationwide e-cash system so they are trying to protect their national currency. Cryptocurrencies can clearly interfere with this plan, so it’s better to just make them illegal.

4. Morocco

If you want to send or receive payments via Bitcoin, or as a matter of fact, with any other cryptocurrency, in Morocco, you can be punished or fined.