Are you wondering where encryption is legal and illegal in the world?
Cryptocurrency trading has now become a profitable field of activity. However, without a central authority to mediate crypto business, the field has also attracted a lot of scrutiny over the years, leading several countries to impose a crypto ban in their regions.
In addition to this, the world is now divided into two spheres. One where cryptocurrency seems to be thriving and the other where cryptography is inaccessible to the masses.
Let’s look at the regions where encryption is banned and the countries where crypto has now evolved into a legitimate speculative activity.
Where is crypto banned in the world?
The legality of cryptocurrency varies greatly from place to place, with the definition of what is legal depending on the country.
In most countries, cryptocurrency is at least legal or unregulated. This includes places like the European Union, the United Kingdom, the United States, Canada, and Australia.
However, it is permanently prohibited in some places.
These are the countries with a crypto ban.
- North Macedonia
- Viet Nam
Legal or Illegal: Countries in Dilemma over Cryptocurrency Bans
While several regions have clarified their position on cryptocurrency trading and exchange, there are some countries that have yet to specify their position on cryptocurrency regulation and have yet to approve cryptocurrency trading in their respective regions.
Some examples of such countries are listed below.
India has yet to create a regulatory infrastructure for cryptocurrencies to operate in the country.
Several news sources have confirmed that the country is looking forward to embracing blockchain technology. However, in recent months further reports have come out suggesting that the Central Bank of India wants to ban the cryptocurrency.
According to TechCrunch, India’s finance minister, Nirmala Sitharaman, said: “[Reserve Bank of India] is of the opinion that cryptocurrencies should be banned.”
According to a CNBC report, the country has drafted a new law that strictly prohibits any type of digital payment.
Under the new law, it is illegal to trade cryptocurrencies and NFTs in Russia.
However, the country is known for favoring cryptocurrency trading in the past, with Kremlin politicians including Russian Prime Minister Vladimir Putin suggesting making use of cryptocurrencies and making statements propagating the use of crypto and bitcoin mining as a viable technology to be tackled in recent times.
The US has not yet clarified its position on cryptocurrency trading, however, cryptocurrency trading is still acceptable in the region.
The country has, however, issued multiple statements about how it is drafting a regulatory bill to accommodate cryptocurrency trading and related formalities. But he has yet to clarify whether he is legalizing cryptocurrency trading in the country or not.