Including Iraq.. Ten countries around the world ban dealing in cryptocurrencies
Including Iraq.. Ten countries around the world ban dealing in cryptocurrencies
2025-02-04 00:28
Shafaq News/ The American magazine, CEOWorld, announced that Iraq is among ten countries in the world that prohibit dealing in cryptocurrencies.
Despite the global rise of cryptocurrencies, many countries continue to impose strict regulations or outright bans, the magazine said in a report seen by Shafaq News Agency. While some governments cite financial stability and fraud prevention, others raise concerns about money laundering and economic control.
Here are ten countries where cryptocurrencies will remain restricted or banned in 2025:
Iraq
The Central Bank of Iraq issued a ban on cryptocurrencies in 2017, citing risks such as financial crime, volatility and consumer protection concerns. Banks, financial institutions and payment service providers are still prohibited from dealing with digital assets, making crypto transactions unavailable through official channels.
In 2018, the Kurdistan Regional Government’s Supreme Fatwa Council issued a ruling against OneCoin, reinforcing the country’s cautious stance toward digital assets. However, despite the restrictions, informal cryptocurrency trading continues, with enforcement against individuals still unclear.
China
China has imposed strict restrictions on cryptocurrencies since 2017, initially banning exchanges before expanding the ban to include mining and financial institutions that handle cryptocurrency transactions.
Despite the crackdown, black market crypto trading remains active, with China ranked 20th in Chainalysis’ 2024 Global Crypto Adoption Index. Meanwhile, the Chinese government continues to push ahead with its central bank digital currency (CBDC), expanding its digital yuan pilot programs.
Egypt
Although cryptocurrency regulation in Egypt remains very restrictive, it is not completely prohibited. The Central Bank of Egypt has strengthened its warnings against cryptocurrency transactions, although some exchanges still operate within a complex legal framework.
Algeria
Algeria has a strict ban on cryptocurrencies, citing threats to financial security and economic stability. The government bans ownership and transactions, warning of risks such as money laundering and terrorist financing. Despite these restrictions, informal cryptocurrency trading continues.
Bangladesh
Bangladesh has a similarly strict stance against cryptocurrencies, with the Bangladesh Bank banning digital assets in 2017 over concerns about financial stability and illicit activities. Authorities later strengthened the ban, making violations punishable by fines and imprisonment.
Nepal
Nepal has taken an aggressive approach to cryptocurrencies, declaring them illegal and citing risks to financial stability.
Afghanistan
Afghanistan reimposed a ban on cryptocurrencies in 2022 under Taliban rule, citing financial instability and fraud concerns. Authorities shut down exchanges in Herat and arrested several operators, making cryptocurrency-related activities extremely risky.
Morocco
Morocco has officially banned cryptocurrency transactions since 2017, citing concerns over financial crime and economic stability. However, despite this restriction, the country has seen significant adoption of cryptocurrencies, consistently ranking among the top African countries for peer-to-peer Bitcoin trading.
Bolivia
Since 2014, Bolivia’s central bank has banned the use of cryptocurrencies, citing risks to monetary stability and cybercrime.
Russia
In 2022, the Central Bank of Russia proposed a complete ban on cryptocurrency transactions and mining, though the government ultimately opted for regulation instead. While cryptocurrency mining has since been legalized, restrictions remain on domestic cryptocurrency payments.
shafaq.com
