3 Countries Where Crypto Is Banned And Why

To put things into perspective as to how bad things had really become some years ago, a report shows that over the first half of 2018, a whopping $12 billion was compromised as a result of various rug pull schemes, exit scams, etc.

In this article, we will seek to explore some of the countries that have imposed varying degrees of restrictions on their local digital asset industries.


For nearly a decade now, the eastern powerhouse’s relationship with digital currencies has remained extremely fractured. For starters, back in 2013, the country’s central banking authority issued a notice banning all financial institutions from conducting any type of BTC-related transactions. Furthermore, it should be pointed out that it was around this time that the flagship crypto’s price first started to gain immense monetary traction, jumping from $100 to $1000 within a matter of months.

Similarly, in 2017, the country banned fundraising via ICOs, citing concerns of market manipulation and extreme volatility. However, the final nail in the coffin came earlier this year in July when the government issued a blanket ban on its local crypto market prohibiting all mining operations from existing as well as forcing several domestic banks and payment firms — including giants like Alipay — to stop facilitating any type of cryptocurrency transactions.


On April 16, 2021, the Central Bank of Turkey officially announced its decision to ban cryptocurrencies, claiming that these assets are “neither subject to any regulation and supervision mechanisms nor a central regulatory authority.” As a result of this official decree, all transactions/payments made using crypto were deemed illegal, presenting users with a host of potential non-recoverable losses.

Prior to the aforementioned all-out ban, Turkey had already been tightening its regulatory noose over its flourishing crypto market. For example, all through Q1 2021, the country’s financial regulator had been forcing various crypto trading platforms and exchanges to constantly hand over sensitive information pertaining to their customers, with things having become progressively worse since then.


Boasting of Africa’s largest crypto market, many Nigerians at one point were doubling down on Bitcoin — amongst various other cryptos — as a long-term store of value (SOV) amidst rising local inflation rates (of around 18%).

However, earlier this year, the Central Bank of Nigeria (CBN) released an official statement making it clear that all financial institutions — including fintech start-ups — operating within the country’s borders were required to cease all of their crypto-related activities with immediate effect. In fact, the ban’s conditions were so severe that any individual found guilty of violating the government’s orders could lose all access to all of their banking services, rendering them completely useless financially.

In closing

In addition to the countries listed above, there are many other nations that have also employed similar tactics to curb their local crypto industries. For example, the Indian government has been flirting with the idea of ceasing all crypto activities within its borders, with a draft bill even being proposed in regard to the same. Similarly, countries like Bolivia and Ecuador have had a ban on all forms of digital asset trading since 2014. Thus, as we move into a crypto-enabled future, it will be interesting to see how regulations across the globe continue to evolve.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Blockchain Mumble Rap Starter Pack

Let's start by talking about linked lists. What is it you ask? Why it is the data structure that gave you to Blockchain. It's okay if you didn't know but went balls-in by changing your LinkedIn bio to "Blockchain Expert". You're forgiven. The Blockchain Mumble...
Read More

Bitcoin ATMs Add Support For Shiba Inu After Adding DOGE

Bitcoin of America, a well-known provider of Bitcoin ATMs—or BTMs, as they are popularly called—announced yesterday, April 4th, that Shiba Inu (SHIB) will also be supported on its devices from now on. The company operates over 1,800 BTMs in 31 US states. Their decision to...
Read More

Charles Hoskinson – Charlatan Or Messiah?

He attended Metropolitan State University in Denver and University of Colorado Boulder where he studied analytic number theory but failed to complete his PhD. Hoskinson moved to the blockchain space after he quit his consultancy job in 2013 by beginning a project dubbed Bitcoin Education...
Ethereum Art by @DoWhatYouLove
Read More

How Will The Ethereum Merge Effect The NFT Market?

Ethereum is the second most popular Blockchain in the world, and many would argue it has more use cases than Bitcoins. Ethereum is responsible for creating smart contracts, an innovation that powers most of today's important crypto initiatives, including non-fungible tokens (NFTs). So, when Ethereum...