Countries Who Are Against the Use of Digital Currency and the Reason

Cryptocurrency has been in full swing for a very long time now. It has been attracting people from all walks of life to earn more money on by crypto trading. People who started their journey in this game in its initial stages of the computer currency have been able to earn a fortune for themselves and their families. And such stories attract multiple people with a similar aim every day. Many countries have welcomed this new concept with open arms, and they have also started accepting payments in cryptocurrency. 

However, some countries are completely against using computer currency and have closed their doors to any form of transactions circulating in the nation. The Bitcoin trading platform is the best solution for every cryptocurrency-related problem. Here you can start your journey into the game of cryptocurrency and can aim for higher profits. 

The trend of cryptocurrency is raging day by day, and if we talk about the most successful and the largest cryptocurrency, then it is for rs. Thirty-three lakhs and the Ethereum is the second largest at Rs 2.3 lakhs. India has been very lenient with the digital currency as it doesn’t make it very regular in use, but it is okay if people own it and indulge in trading. So, if we talk about the countries that are completely against the computer currency and who have banned them, then continue reading this article. 

  • China

China has always been against digital currencies and their concept. Moreover, they have been very restrictive and have a no-tolerance policy for bitcoins or any other cryptocurrency. The Xi-Jinping-led CCP has been breaking down these available digital tokens. The intensity of breaking out these digital tokens is getting extreme every year as it is growing every year. 

They are completely against cryptocurrency because the control is not in the hands of the government or any other financial institution. Therefore, they find it very difficult to regularise it. Therefore, to bridge the gap, they have come up with their own centrally regulated digital currency, known as Renminbi, which is also known as RMB. So here you can understand how brutal are the policies imposed by china over the idea of computer currency. 

  • Bolivia

The Bolivian government has been able to set up the proper regulations and policies that are related to the digital currency. Therefore, if any cryptocurrency doesn’t complete any regulatory radar, that digital currency is thrown out of the Bolivian economic system. The only thing that has made the Bolivian government so rigid regarding the existence of the digital currency is the fear that it also attracts multiple criminal minds. 

The cryptocurrency is based on blockchain technology, and this blockchain is the reason that makes all the transactions untrackable. Nobody can make any changes in the ledgers of the blockchains. Therefore, the Bolivian government is quite susceptible to the use of cryptocurrency in the daily use of people. 

  • Indonesia

Indonesia has been showing zero tolerance for the usage of digital currency. They have been seeing the use of computer currency as a criminal act because the criminal heads have only used the use of such currency. The government of Indonesia has formulated a new set of rules and policies revolving around the promotion and trade of the computer currency. 

If you want to use cryptocurrency, you have to undergo the policy check set up by the higher authorities in Indonesia. Moreover, the government put a complete ban on digital currency or tokens starting January 1, 2018. So, this is a journey of digital currency in Indonesia. 

  • Turkey

Turkey was the country where the maximum number of transactions regarding digital currency was noted. The number of transactions was so high that the government of Turkey had to put a full stop to the usage of digital currency. Moreover, they also imposed some new guidelines and policies related to digital currency usage and trade.  

So, now it is illegal to use cryptocurrency in turkey, and you cannot carry out any computer currency transactions. The policies and guidelines that they formulated also include a clause containing rules regarding money laundering and terrorism in financial aspects.

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