Countries around the globe have varying views when it comes to the issue of cryptocurrencies. While the war for global acceptance is still on, we have seen countries through policies of their government that have maintained hostile attitude towards cryptocurrencies and blockchain in general. Currently, world superpowers like the United States and the United Kingdom have so far developed a positive attitude towards it through their policies. Other countries like Canada and Australia have not made their stand known but many others have in fact taken and maintain their hostility. I have taken out time to list the top five of these countries. While the word ‘hate’ is a strong word that might not be politically correct, I have used it here because the index on which these countries is listed is based on many factors; more on the citizens than policies.
In early 2014, its Apex bank, Bangladesh Bank issued what seemed to be a warning on the use of Bitcoin by its citizens. It disapproved any transactions that involves Bitcoin or any digital currency alike by stating expressly that they weren’t legal tenders. Then in December 2017, at the peak of the bullish run of the cryptocurrency market, the bank issued a statement again warning its citizen of the dangers accrued in the use of cryptocurrencies. The statement added that the Anti-Terrorism act of 2009 would be violated by any citizen that engages in cryptocurrency transactions. Hence, citizens were asked to desist from any act of performing, assisting or in the advertising of all kinds of transactions through cryptocurrencies like Bitcoin, Etherum and Litecoin in order to avoid financial and legal risk.
The central bank of Bolivia, El Banco Central de Bolivia in May 2018 issued a statement banning any coins or currency that is not issued or regulated by the government. The subtleness of this ban was so visible that everyone knew that cryptocurrencies were the target. According to the statement, “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity.” It didn’t even stop there; the document went further to say that no citizen of the country should be caught denominating prices in any currency other than that is approved by its institutions. The justified the reason for the ban though, they said it was to protect the country’s national currency and to protect its citizens from a decentralized currencies that would encourage the drifts of investment.
Ecuador’s hate on cryptocurrency is not in fact fair in my terms. The country is currently working on its own centralized digital currency project, so they made policies to protect this new currency from any feasible competitor. This according to reports is because other cryptocurrencies are not centralized; hence they cannot be manipulated by the government.
The government of Algeria has been making moves to ban cryptocurrency totally, with Bitcoin being the case study. According to reports, the country unlike most countries do not just want to ban the use of cryptocurrencies as a form of payment, but it wants to pursue the prohibition of the use and possession of cryptocurrency. The most recent attempt is contained in a 2018 Finance Bill which claimed that the illegality prospects of a digital currency are high as a result of its anonymity platform. Hence it can be utilized for criminal acts like drug trafficking, tax evasion and money laundering. It also claimed that cryptocurrencies is a threat to most of its existing financial policies.
Most people are of the opinion that digital currency in its entirety is illegal in China but this is not the case. As a matter of fact, China has one of the largest Bitcoin trading markets. But it doesn’t change the fact that the government of China, through its apex and local banks has banned cryptocurrency transactions. 70% of The People’s Bank of China is owned by the Chinese government, this is somewhat why it is fair to say that the government hates cryptocurrency. It is not illegal for normal citizens in China deal in cryptocurrency. But banks in China forbid their employees from engaging in Bitcoin and other cryptocurrency transactions.