Countries where cryptocurrency mining is banned.

[Niyi Briggs]

Countries where cryptocurrency mining include:

Bolivia: Completely banned in 2014.

Kyrgyzstan: Banned in 2014 and later lifted the ban in 2018.

Bangladesh: Banned in 2014 due to its association with illegal activities.

Nepal: Banned in 2017 due to concerns over energy consumption.

China: While not banned outright, the government has cracked down on cryptocurrency mining operations and has limited the supply of electricity to miners.

Iran: Banned in 2019 due to its association with illegal activities and high energy consumption.

Venezuela: Banned in 2018 due to concerns over the government's ability to control the country's currency supply

 

[cherry123]

How about Nigeria I didn't see it on this list . isnt it ban too?

 

[Yugocean]

That ban does not work, people secretly do mine , in China, there are even mining firms. Countries like Nepal, Bangladesh are only worrying over IMF.

 

[riberet19]

Everything that is banning or prohibiting ends up resulting in the creation of a black market around it, and the governments know it, so there is no point in banning it, they will always continue to be used.

 

[flower]

We must not dispute the fact that cryptocurrency mining could pose a lot challenges which is one of the reasons why most of the countries would want to ban it.

 

[uptrendfinancialsignal]

Most of the countries that banned cryptocurrency are afraid of the power it will give the citizens who adopted it because cryptocurrency gives you the autonomous power over your financial transactions.

 

[flower]

Most of the countries where cryptocurrency mining are banned at attributed the ban to the fact that they believe that cryptocurrency mining is not environmental friendly and it could pose environmental challenges.

 

[Reedex]

Nigeria is part of the country that have restricted cryptocurrency related activities and that means that mining is also prohibited in the country . I am still looking forward to the government making a repentant statement on crypto.

 

[riberet19]

Most of the countries where cryptocurrency mining are banned at attributed the ban to the fact that they believe that cryptocurrency mining is not environmental friendly and it could pose environmental challenges.

That is the main excuse, but most people know that it is because of the fear that these currencies can compete with fiat currency since they have great potential, but well I think people will be more wary of adopting them if they tell them that it is bad for the environment.

 

[Ebutech]

How about Nigeria I didn't see it on this list . isnt it ban too?

I don't think it's mining is banned in Nigeria, if I really understand the claim, because anyone can mine cryptocurrency, but I think it's not a legally recognized currently, it used to be recognised and accepted, but was later revoked.

 

[cherry123]

Well, j think it is not legally accepted as you have stated because I don't even see people much here talking about crypto currency and things that concerns it too

 

[gammarays]

Most of the countries that banned crypto in that list are third world countries aside China. Even developed countries are secretly stocking up crypto. China crypto holders make up a greater percentage of crypto whales.

 

[cherry123]

Yes I have noticed that most of the countries that banned crypto iare third world countries including my country Nigeria so I don't know why regulation of it would have been better.

 

[gammarays]

Yes I have noticed that most of the countries that banned crypto iare third world countries including my country Nigeria so I don't know why regulation of it would have been better.

I don't just know what they're scared of. Maybe they think crypto gives citizens Power and freedom which makes them not to be controlled. If I were them, they should allow crypto because it's providing the economic opportunities they can't give.

 

[cherry123]

That's the truth, I don't really know what they're scared of. They can still keep their Power and freedom and let those that want to trade crypto be. I don't even understand them.

 

[riberet19]

I think many countries simply ban crypto because they believe they can challenge their local currency ,make it lose power or make people use crypto instead of their local currency

 

[saoussen5765]

I think many countries simply ban crypto because they believe they can challenge their local currency ,make it lose power or make people use crypto instead of their local currency

This is for the following reason: If anyone store his money in cryptocurrency and doesn't keep in bank then country will not make any tax then the country should tax crypto earning and you know most of crypto earners are punny savers and doesn't even like to pay 1 % tax for transactions.

 

[riberet19]

This is for the following reason: If anyone store his money in cryptocurrency and doesn't keep in bank then country will not make any tax then the country should tax crypto earning and you know most of crypto earners are punny savers and doesn't even like to pay 1 % tax for transactions.

It can also be, the fact is that they do not want to lose the advantages they have with fiat money and its transactions and the theft of having third parties in all the movements we make with our money and that is a reality.

 

[gammarays]

I think many countries simply ban crypto because they believe they can challenge their local currency ,make it lose power or make people use crypto instead of their local currency

Yes that's one of the reasons they ban crypto. You can see that in the past few years, most people moved their money from their bank account to crypto. They just keep Fiat that'll be enough for expenses.

 

[riberet19]

Yes that's one of the reasons they ban crypto. You can see that in the past few years, most people moved their money from their bank account to crypto. They just keep Fiat that'll be enough for expenses.

Well that's just in some places actually maybe in your country in Nigeria there has been a great adoption in my country that is not really noticeable, people are still quite far from cryptography and it's a shame, you just have to see the capitalization of the crypto market that is 1 trillion today which is a drop of water in the ocean of investments.