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PRESS RELEASE. October 2021, the leading Crypto Cryptowisser services comparison site, takes an in-depth look at the recent crypto ban in China as well as several other countries that legally restrict cryptocurrency in one way or another and why.
As the Cryptowisser report states, there are over 15 countries where crypto currency is restricted or outright banned, but some are more stringent than others and make it completely illegal to own crypto assets. For example, the report lists Bangladesh as a country that prohibits owning any form of cryptocurrency, despite this, it is also reported that 2.27% of the population of Bangladesh owns cryptocurrency.
Decentralized exchanges lead the way
The report also clarifies why decentralized exchanges like Pancakeswap still allow you to own crypto despite your citizenship. With the ability to keep your finances out of centralized authority, citizens of seemingly banned crypto states can still hold currency.
Countries with partial bans try to control their market
While some countries like Turkey and Russia don’t ban cryptocurrency outright, they do force their citizens to go through some hurdles. For example, the report explains that these restrictions can range from not allowing users to make payments with crypto (but holding is acceptable) to forcing users to register their crypto exchanges with the bank, or in the case of Bahrain , require users to have a crypto license.
Highest Concentration of Crypto Users Reported in Developing Countries
The report also lists the countries with the highest percentage of crypto users as developing countries. Countries like Vietnam and the Philippines reported that 20% of their population had interacted with cryptocurrency at some point, while the United States reported only 13%.
Final remarks
It’s no surprise that countries ban and continue to enforce stricter regulations on cryptocurrency activity. As cryptocurrencies normalize, governments are likely to enforce regulations as well as deepen their understanding of digital currencies, and at the very least create synergy between them.
Cryptowisser is a cryptocurrency service comparison site with the world’s largest, most frequently updated, and trusted listings of cryptocurrency, wallet, debit, and merchant exchanges. With over 1,000 reviews of various exchanges, debit cards, wallets, and traders, they help you make all of your buying decisions and service choices in the crypto world.
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This is a press release. Readers should exercise due diligence before taking any action regarding the promoted business or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in the press release.
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