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The legalization battle of cryptocurrencies is going on ever since the success stories of bitcoin started surfacing the internet. The term ‘cryptocurrency’ refers to a digital currency that is used for performing digital transactions and uses cryptography to ensure the security of such transactions.
Bitcoin (BTC) may have been the first widely successfully cryptocurrency, but it was soon followed by many others, including Ethereum (ETH), Litecoin (TCC), Dash, Ripple and more. Now, we have so many cryptocurrencies that we often wonder which ones are actually legal and which are not.
The problem with cryptocurrencies is that they do not have a regulation system. In fact, crypto tokens are not made to regulate. This is why it is usually difficult for the governments (or countries) to legalize these currencies.
While many countries have not shown a positive attitude towards cryptocurrencies, there are a number of countries where the use and trading of these currencies are illegal. Let’s find out which these countries are and which crypto-coins are legalized by which countries.
Morocco Nigeria Namibia South Africa Zimbabwe Canada (banned by banks) Mexico United States Costa Rica Nicaragua Trinidad and Tobago Jamaica Brazil Argentina Colombia Chile Kyrgyzstan Cyprus Israel UAE Jordan Saudi Arabia Iran Lebanon Turkey India (banned by banks) Pakistan China Japan Hong Kong Taiwan South Korea Indonesia Philippines Cambodia Malaysia Thailand (banned by banks) Singapore Vietnam (not allowed as a payment tool) Croatia Germany Poland Austria Czech Republic Romania Slovenia Slovakia Switzerland United Kingdom Australia New Zealand Ireland Netherlands Belgium France Luxembourg Greece Italy Bulgaria Bosnia and Herzegovina Malta Spain Portugal Sweden Iceland Norway Denmark Ukraine
The legalization of cryptocurrencies doesn’t necessarily mean that the government of the particular country supports or promotes virtual currencies in any way.
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