Recall from previous post that the Central Bank of Nigeria issued a circular directing banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
A cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.source:Wikipedia
However legit.ng revealed few countries that banned the use of cryptocurrency, they include!!
China banned all domestic and foreign cryptocurrency exchanges in the country in 2017. This move was done in a bid to curb overseas transactions. The government feared it will be used for fraud.
The Bolivian government banned it in 2014, claiming it is necessary to protect boliviano, the country’s currency, and to protect citizens from losing their money to unregulated currencies.
Morocco prohibits the use of cryptocurrency for transaction in the country over its use for illegal activities. Any citizen caught engaging in it will be fined.
Ecuadorian government says it banned the use of cryptocurrency because it is not a means of payment in the country. Read Ecuadorian government says it banned the use of cryptocurrency because it is not a means of payment in the country.
Because of the problem of terrorism, Iran’s central bank in 2018, announced that it was prohibiting all financial institutions, including banks and credit institutions from dealing in cryptocurrency.
Bangladesh In 2017, Bangladesh prohibits the use of bitcoin. According to the country, cryptocurrencies do not conform to Foreign Exchange Regulation Act, 1947, Anti Terrorism Act 2009 and Money Laundering Prevention Act, 2012.