Library of Congress: 51 countries have imposed bans on cryptocurrencies

According to a report issued by the Global Legal Research Service (GLRD) of the Law Library of Congress, a total of 51 countries around the world have imposed bans on the cryptocurrency industry. The report was originally released in 2018, but the data was updated in November this year. “Although the 2018 report only identified 8 jurisdictions with absolute injunctions and 15 jurisdictions with implicit injunctions, the November 2021 update identified 9 jurisdictions with absolute injunctions and 42 jurisdictions. There is a hidden ban,” the report said.

Absolute bans are those that make cryptocurrency illegal.

Implicit bans refer to those prohibiting banks or other financial institutions from trading cryptocurrencies or providing services to people or companies involved in cryptocurrencies. It also refers to the prohibition of cryptocurrency exchanges from operating in the jurisdiction.

Countries that have announced absolute bans include Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia.

The hidden ban countries include Tanzania, Toga, Turkey, Lebanon, and Bolivia. It is shocking that 21 countries have been confirmed to have not applied anti-money laundering or anti-terrorist financing regulations to the cryptocurrency industry. These countries include Brazil, Guernsey, Jordan, Pakistan and Kazakhstan. Kazakhstan has become one of the major crypto mining countries.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/library-of-congress-51-countries-have-imposed-bans-on-cryptocurrencies/
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