China is not the only country to take a stand against Bitcoin and other cryptos. 50 more countries have banned cryptocurrencies to date. A Library of Congress report found that 51 countries have total or varying degrees of bans on crypto.
Countries that ban Bitcoin (BTC) and altcoins
China rocked the markets with a sweeping ban on activity in the crypto sector earlier this year. China is not the only country to ban cryptocurrencies. According to a report by the US Library of Congress, 50 more countries have banned crypto. Currently, nine countries have an absolute ban that makes crypto illegal. All 42 countries have an implicit ban prohibiting financial institutions from dealing with crypto. This makes 51 countries in total. According to the report, Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia are the countries that ban crypto. While China has been making moves against crypto-assets for years, its crackdown on crypto-operating financial institutions and crypto-mining in May and June resulted in a sharp drop in crypto prices. When it banned all crypto transactions in September, experts said the ban was already priced in for Bitcoin.
Tim Frost, CEO of Yield App, said there is no “shortage” in the number of other crypto adopters, balancing the moves of countries hostile to cryptoassets like China. The crypto market has grown to over $2.5 trillion this year, surpassing $3 trillion this quarter, according to data from CoinGecko. With explosive growth, more and more countries are enacting laws aimed at countering money laundering and terrorist financing, as well as imposing taxes on cryptocurrencies, the report said. The United States, which is still grappling with how best to regulate the market, is marked by the report as having both tax law and anti-money laundering and terrorist financing laws.