Press release. October 2021Cryptowisser, the leading crypto service comparison site, takes an in-depth look at the recent crypto ban in China as well as several other countries that are legally restricting cryptocurrency in some way and why.
Such as Cryptowisser report statesThere are more than 15 countries where cryptocurrency is either restricted or completely banned, but some are more stringent than others and make owning any crypto assets completely illegal. For example, the report lists Bangladesh as a country that prohibits owning any form of cryptocurrency, although it is also reported that 2.27% of the Bangladeshi population owns some cryptocurrency.
Decentralized exchanges lead the way
The report also explains why decentralized exchanges are so popular pancake swap It is still possible to own cryptocurrencies despite your nationality. With the ability to keep your money away from any central authority, citizens of crypto-blocked countries can still hold the currency.
Countries with partial bans are trying to control their markets
While some countries like Turkey and Russia do not ban cryptocurrency completely, they do force their citizens to jump through certain hoops. For example, the report explains that these restrictions can range from not allowing users to make payments with cryptocurrency (but keeping it OK) to forcing users to register their cryptocurrency exchanges with the bank, or in the case of Bahrain, requiring users to get On the “Encryption License”.
The highest concentration of Crypto users is reported in developing countries
The report also lists the countries with the highest percentage of crypto users as developing countries. Countries like Vietnam and the Philippines reported that 20% of their population had interacted with Cryptocurrency at some point, while the United States reported only 13%.
Not surprisingly, countries have banned and continue to impose stricter regulations on cryptocurrency activity. As cryptocurrencies become more normalized, governments are likely to enforce regulations as well as increase their understanding of digital currencies, and at least create synergies between them.
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