Cryptocurrencies are illegal in these countries

Countries where cryptocurrency transactions are allowed

Although these coins can be used in these areas, they discourage their use and warn about their volatility. Some countries allow private transactions, ie it is possible to make payments and purchases on behalf of companies or users, but their use by government institutions is not encouraged.

Countries with Banking Restrictions on Cryptocurrencies

In some countries, the use of banks is not prohibited for all currencies, but transactions with Bitcoin are prohibited, for example Canada, Colombia, Ecuador or Vietnam, and banks are not allowed to conduct operations with this currency. However, other currencies can be used.

In Mexico, a few months ago, businessman Ricardo Salinas Blego stated that Banco Azteca was preparing to receive bitcoins, but the Bank of Mexico indicated a few days later that the bank could not allow this movement.

In which countries is the use of cryptocurrency illegal?

In addition to China, there are some regions where the use of cryptocurrency and cryptocurrency mining are prohibited. Algeria, Bolivia, China, Morocco, Egypt and Nepal restrict all types of transactions and currencies.

With the exception of El Salvador, these assets are not regulated in most parts of the world and part of the region’s concern is about the volatility of the assets.