List of 51 Countries that Have Banned Cryptocurrency


Alt: = "bitcoin, etherium"

There are about 51 countries have placed ban on the use and trade of Cryptocurrencies within their economies. 

Report by Library for Congress (LoC) revealed that nine countries placed absolute ban on cryptocurrency, while 42 countries placed implicit restrictions on the digital assets.

The report also revealed that total number of jurisdictions with an absolute ban or total restrictions on cryptocurrency has more than doubled in the last 3 years. The nine jurisdictions with an absolute ban include Algeria, Bangladesh, China, Egypt, Iraq, Morocco,  Oman, Qatar, and Tunisia.

According to the  report, as of November 2023, more than 103 jurisdictions have in one way or the other attempted to regulate cryptocurrencies in terms of the issuance of tax laws, anti-money laundering and combatting the funding of terrorism (AML/CFT) laws, or both. This represents a 212.12% increase from 2018, where only 33 jurisdictions were found to have regulated cryptocurrencies. These jurisdictions include the European Union Member States, with the exception of Bulgaria.  

Library of Congress is the research library for the United States Senate, which acts as the national library for the country. In the context of the LOC report, an absolute ban means any “transactions with or holding cryptocurrency is a criminal act”, whereas an implicit ban prohibits cryptocurrency exchanges, banks, and other financial institutions from “dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies.” 

Despite the clampdown on crypto by some government authorities, the cryptocurrency market has kept on expanding in terms of market size and performance . 

The government of El-Salvador in 2021 legalised Bitcoin as legal tender in the country. 

It is expected that more more countries will move to ban cryptocurrencies either absolute or implicit, owing to the fact that many countries have started introducing their own central bank digital currencies, CBDCs, and some other countries who had placed restrictions on the cryptocurrency will being to lift the restrictions, seeing the global adoption of the digital currency.

Full List of Countries that Have Implemented Ban on Cryptocurrency

  1.  Algeria  — Absolute ban
  2. BahrainImplicit ban
  3. BangladeshAbsolute ban
  4. Benin —  Implicit ban
  5. Bolivia — Implicit ban
  6. Burkina Faso — Implicit ban 
  7. Burundi — Implicit ban
  8. Cameroom — Implicit ban
  9. Central African Republic — Implicit ban
  10. Chad — Implicit ban
  11. China  — Absolute ban
  12. Cote d`Ivoire — Implicit ban
  13. Democratic Republic of Congo — Implicit ban
  14. Ecuador — Implicit ban
  15. Egypt  — Absolute ban
  16. Gabon — Implicit ban
  17. Georgia — Implicit ban
  18. Guyana — Implicit ban
  19. Indonesia — Implicit ban
  20. Iraq —  Absolute ban
  21. Jordan — Implicit ban
  22. Kazakhstan — Implicit ban
  23. Kuwait — Implicit ban
  24. Lebanon — Implicit ban
  25. Lesotho — Implicit ban
  26. Libya — Implicit ban
  27. Macao — Implicit ban
  28. Maldives — Implicit ban
  29. Mali — Implicit ban
  30. Moldova — Implicit ban
  31. Morocco  — Absolute ban
  32. Namibia — Implicit ban
  33. Nepal  — Absolute ban
  34. Niger — Implicit ban
  35. Nigeria — Implicit ban
  36. Oman — Implicit ban
  37. Pakistan — Implicit ban
  38. Palau — Implicit ban
  39. Qatar  — Absolute ban
  40. Saudi Arabia — Implicit ban
  41. Senegal — Implicit ban
  42. Tajikistan — Implicit ban
  43. Tanzania — Implicit ban
  44. Togo — Implicit ban
  45. Tunisia  — Absolute ban
  46. Turkey — Implicit ban
  47. Turkmenistan — Implicit ban
  48. United Arab Emirates — Implicit ban
  49. Vietnam — Implicit ban
  50. Zimbabwe — Implicit ban

Ikechukwu Evegbu

Ikechukwu Evegbu is a graduate of Statistics with over 10 years experience as Data Analyst. Worked with Nigeria's Federal Ministry of Agriculture and Rural Development. A prolific business development content writer. He's the Editor, Business Compiler

Previous Post Next Post