Previously you should know that Bitcoin is not published, authorized or regulated by any central bank. Instead they are created through computer-generated processes, where it is known as minning or mining. In addition to being an independent antadaddresser, Bitcoin is also a peer-to-peer payment system because it has no physical form and must be redeemed online. So Bitcoin is more suitable for cross-border transactions without exchange rate. This condition also allows the user to remain anonymous.
States That Say "No" To Bitcoin
While Bitcoin is quite welcomed in different parts of the world, the fact remains that some countries are wary of it. Because of the volatility, the nature is decentralized, the threat to the current monetary system and related to the forbidden activities underlying this rejection. Some countries forbid and partly reduce their use.
- Iceland
Iceland has implemented stringent capital controls as part of the monetary policy adopted following the 2008 global economic crisis. It aims to protect the outflow of currencies from the state. For the same reason, forex trading with bitcoin is also banned in Iceland because its kripton does not comply with the Foreign Exchange Act there. Interestingly there are currently other new digital currencies unearthed in Iceland yaittu Auroracoin. Its founders claimed to want to create a viable alternative to the Icelandic banking system.
- Vietnam
Since the beginning the Vietnamese government and its central bank have maintained that Bitcoin is not a legitimate payment method. After a few initial rounds of public reception against Bitcoin, Vietnam made it illegal for financial institutions and citizens to deal with Bitcoin problems. It connects cryptocurrency with various criminal activities such as money laundering.
- Bolivia
The Central Bank of Bolivia has also banned the use of Bitcoin and other cryptocurrencies in the country.
- Kyrgyzstan
Using Bitcoin and Altcoin as a form of payment in this country is illegal.
- Ecuador
Bitcoin and other virtual currencies are banned in Ecuador by a majority vote in the national assembly. But this nation has plans to create its own krypton in the future.
- Russia
Bitcoin's legality in Russia is disputed. Russia's Ministry of Finance hopes to pass laws to ban bitcoins.
- China
All banks and other financial institutions prohibit the use of bitcoin for transactions. While individuals are freed to deal with bitocin. Even bitcoin culture is growing rapidly in China. And the biggest Bitcoin market in the world is China.
Maybe some of you wonder why the conditions in 2014 are still being discussed, but just be quiet because for the next discussion we will meet in reviews of countries that accept Bitcoin and countries that do not receive Bitcoin in 2017. See you