Confusing Countries Rules About Bitcoin
In this article, we will tell about those countries which are confused about Bitcoin. Authorities of these countries are not able to make a suitable protocol framework to use Bitcoin & cryptocurrency for their citizens.
Since we already posted a article about the list of bitcoin banned countries permanently , if you want to read that article then click here.
List of countries where no exact rules exist about bitcoin use
- United Arab Emirates
- Saudia Arabia
These are those countries where Bitcoin is legal & illegal. Alternatively we can say neither legal nor illegal. The government rules are not clearly known to the citizen.
Rules of these countries where Bitcoin is legal & illegal both
A big fraction of the population of Nigeria is involve in cryptocurrency work and they are working as job.
But on 17 January 2017 The central bank of Nigeria passed a rule to stop all types of transactions by banks and financial institutions in bitcoin and virtual currency.
But due to high public demand pressure, The central bank of Nigeria & Nigeria Deposit Insurance Corporation made a committee to make a framework regarding cryptocurrency, so that people can use bitcoin and other cryptocurrency without risk factors and also no one can do any type of illegal activity.
But still in the present time many sub committees are working in this matter but are not able to reach at any type of final decision regarding bitcoin technology.
For more information, you can read here the official statement and working criteria of Nigeria government and authorities.
The reserve bank of Zimbabwe is doubtful about bitcoin and another cryptocurrency which are based on blockchain. So they didn’t allowed use of bitcoin and another crypto officially.
But a blockchain based platform in Zimbabwe got license through its banking partner Agribank.
And now that exchange platform is provides their service of buy sell of cryptocurrency for Zimbabwe citizens.
At one side people are using cryptocurrency at Bitmari (Billmari.com), which have license of buy sell cryptocurrency But still this is a butter truth that Zimbabwe government authorities have not rule yet to use bitcoin for their citizen .
Canada is one of the best country who is accepted bitcoin as a revolution in technology. Government of Canada is very clear from the point of legalisation about cryptocurrency use.
According to rule of Canada government ,All the exchange of cryptocurrency should be registered with Fintrac ( Financial Transactions and Reports Analysis Centre of Canada ) .
But still with these rules, BMO ( Bank of Montreal ) issued ban to all types of transactions of cryptocurrency through debit and credit card.
So we can say it is a type of two sided rule to legalise cryptocurrency in Canada.
In year 2014 Central bank of Brazil issued a statement regarding cryptocurrency and after that almost every type of crypto relation activities get stopped for a year.You can read about it here.
But again in year 2017 of November, the central bank of Brazil reiterated their decision regarding cryptocurrency.
Now people can use Bitcoin and another crypto assets with freedom, But still there is no rule regarding cryptocurrency use in Brazil.
In Colmbia, The Superintendencia Financiera issued a statement about the risk of the cryptocurrency use. And after that they restricted all the financial institution to make transaction regarding cryptocurrency.
Since people can use bitcoin and other virtual currency with freedom but still no rules exists to use such types of currency which are based on blockhain technology.
May be in the incoming future, some rules will be issue by government or authorities of Colombia.
In Venezuela, No perfect rules and regulations exists regarding cryptocurrency.
We can understand the actual framework of the rules of Venezuela by a incident regarding Bitcoin miners.
Few Bitcoin and another cryptocurrency miners were arrested by Venezuela police officers for crime of mining activity of virtual cryptocurrency but in year 2018 the government’s cryptocurrency superintendent gaves statement ” mining bitcoin is just an activity, it is not under the crime or against the violation of very big rule ” .
At the end miners released from all types of charges.To know more about this case, you can check here .
So here we can say that how the rules of Venezuela is going to be a problem for cryptocurrency users.Probably there is big need of improvement in their existing rules regarding cryptocurrency use.
United Arab Emirates
Legalisation of Bitcoin use is totally ironical in UAE. Because at one side they declared a rule to prohibit crypto use and at another side there is a trader company who got license to use crypto.
According to the Library of Congress “Under article D.7.3 of the Regulatory Framework for Stored Values and an Electronic Payment System, which was issued by the Central Bank of the United Arab Emirates in 2017 .
Virtual cryptocurrency use is strictly prohibited.
But in year 2018, a company named Dubai gold trader Regal RA DMCC, got license to trade in cryptocurrency.
Since under this license it was prohibited for the company to start any type of ICOs/IEOs like project but still it was shocking for every country that how it is going?
But still even at this point, citizen of UAE can’t use cryptocurrency like assets at any situation.
Saudia Aabia Monetary Authority warned all financial institution regarding cryptocurrency transaction. You can read about the statement of SAMA here .
So, people in Saudia Arabia can use cryptocurrency but no big company regarding cryptocurrency can enter in this field with a financial institution partner.
So overall no rule made by Saudia Arabia government regarding cryptocurrency.
Government of Jordan and Central bank of Jordan warned people and financial institutions about bitcoin use.
The clearly mentioned in their statement that no financial institution can do any type of transaction regarding cryptocurrency use.
While citizen of Jordan can use bitcoin and another crypto to make small business payment.
So, At one side bitcoin is prohibited to use at big scale while small business & merchant services can use cryptocurrency.
Since government of Lebanon and their authorities of financial institutions warned people about use of Bitcoin. They explained all the chances & factors of risk. But still they issued no rule regarding cryptocurrency use.
Iran also have no specific rule to use cryptocurrency. But still they issued a statement where they banned all banks and financial institutions transaction regarding cryptocurrency. You can read the official statement here.
So we can say, banking system is banned in Iran to use cryptocurrency, while people can use cryptocurrency openly.
Bangladesh government was much aware about the bitcoin use. So they issued a statement in year 2014 regarding cryptocurrency use.
According to their statement any person caught in suspect regarding money laundering or illegal activity could be jailed under strict anti money laundering laws.
And also from their issued statement, they restricted every financial institution and banking system transaction for crypto use.
So at one side Bangladesh government have terrible rules against cryptocurrency but at another side public is allowed to use bitcoin at small level.
According to the central bank of Indonesia, people can use crypto but can’t use cryptocurrency as a tool to make payment. To check regulation framework of Indonesia government click here .
In China, banking is banned since December 2013. But after that bank a big decision taken by the People’s Bank of China to crack down all the mining farms in which are running in China. And this decision made 173 mining platforms down to stop forever on September 2017.
So now people only can use cryptocurrency but no financial institutions or banks can transaction regarding crypto assets. For more report regarding cryptocurrency regulation rules in China click here .
All types of banking ban regarding cryptocurrency transactions was imposed in China on 31 December 2011. For more information click here .
So no financial institution or banking system can do any type of transaction regarding cryptocurrency.
In January 2014, A company was looking to install bitcoin/crypto ATM machine in Taiwan but FSC chairman of Taiwan issued a statement that no such kind of things would be install in any part of the country because this will be a violation of the banking ban law of our country .
In Cambodia, People are allowed to use cryptocurrency. But The national Bank of Cambodia imposed a restriction over banks and all types of financial institutions regarding cryptocurrency.
According to The nation bank of Cambodia, Bank can’t allow any type of transaction regarding cryptocurrency.
For more detailed information regarding regulation system of cryptocurrency read here the official statement.
Indonesia government rules to use cryptocurrency is still at good level because citizen of Indonesia can use cryptocurrency to buy, sell & hold to trade.
But keep in mind that, cryptocurrency is not regulated, The rules and law are made only for payment purpose.
You can understand this thing from a example.
Suppose you will transfer a fund to someone to pay his money with bitcoin or any another crypto asset. But after this payment that receiver can blame on you that you didn’t yet paid his payment . And according to the law of Indonesia, you have to pay again in fiat currency.
State bank if Vietnam issued a statement regarding cryptocurrency , No one can use Cryptocurrency as a payment option. Which is quite similar to Indonesia rule.
In Vietnam, if ant person caught as a mean of payment in cryptocurrency then he will be punish by the fine amount of 150 to 200 million VND ( Vietnamese dollar ) .
The official statement is here by the State bank of Vietnam.
In the present time of year 2020, No restriction rules available by the government of India over crypto user.
In the year of the beginning of 2018, RBI ( reserve bank of India ) declared a statement regarding crypto related transactions to financial institutions & bank system. According to RBI no banks are allowed to make transactions regarding buy, sell & trade of virtual currency.
But a company named Internet and Mobile Association of India filed a petition against the RBI decision . And finally on March 2020 supreme court of India revoked the RBI ban over banking and institutions for cryptocurrency transactions.
For more about the decision of supreme court you can check here .
Since here people are free to use cryptocurrency and also banking and financial institutions are in freedom to use any type of white transaction regarding cryptocurrency , But still the government of India have not made any type of rule to cryptocurrency.
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