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The number of countries banning cryptocurrencies has doubled in three years

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Even though crypto performed well last year several countries did ban crypto and the number has increased.

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While 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning cryptocurrencies has more than doubled since 2018. A report by the Library of Congress (LOC) describes nine jurisdictions that have now imposed absolute bans on cryptocurrencies, and 42 with implicit bans. That was an increase of eight and 15 respectively in 2018 when the report was first published.

The LOC is the research library of the United States Senate and serves as the state's national library. In the context of the LOC report, an outright prohibition means that “transacting or holding cryptocurrency is a criminal act,” while an implicit prohibition prohibits cryptocurrency exchanges, banks and other financial institutions from trading cryptocurrencies or offering services to individuals/companies with cryptocurrencies. "

The nine new jurisdictions with total bans include Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh and China. The cryptocurrency ban in China received the most attention in 2021. The dramatic increase in the number of jurisdictions that have banned or regulated cryptocurrencies over the past three years is showing no signs of slowing down as some governments rethink their options. In addition to the 51 jurisdictions that ban cryptocurrencies, 103 have implemented anti-money laundering and terrorist financing (CFP) laws, triple the 33 jurisdictions where the laws took effect in 2018.

The Swedish Financial Supervisory Authority and the Swedish Environment Agency called for an Evidence Excavation (PoW) ban in November due to the need for electricity and environmental costs to keep the grid running. This drew sharp criticism from Paris-based Melanion Capital, which described the anti-mining allegations as "totally misinformed". Sweden's EU neighbor Estonia will implement the BPP/BFT rules in February. The new rules are expected to change the definition of Virtual Asset Provider (VASP) and introduce implicit bans on decentralized financing (DeFi) and Bitcoin (BTC).

The Indian government raised concerns when lawmakers considered banning cryptocurrencies last year. The result was not an outright ban, but a push to regulate cryptocurrencies as crypto assets by the Securities and Exchange Commission of India (SEBI), which oversees local cryptocurrency regulation. However, a total ban was not ruled out.

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