From Bolivia to China: which countries have banned cryptocurrency?

Global practice shows that attitudes towards cryptocurrencies vary significantly from country to country. In some countries, the main concerns are related to the threat to monetary stability. Find out which countries completely ban digital currencies

Order branded Visit Ukraine merchandise and support Ukraine (worldwide delivery)

BUY

In recent years, cryptocurrencies have become an integral part of the global financial landscape. However, despite the popularity of digital assets, many countries around the world are cautious about them and even impose a complete ban. As of today, cryptocurrencies have been banned in at least nine countries, and the reasons for such measures are quite diverse, ranging from concerns about the stability of the national currency to the risk of financing illegal activities. With reference to Slovo i Dilo, we will tell you which countries have a complete ban and what was the reason for it.

China

China is one of the first countries to take tough measures against cryptocurrencies. The Chinese government has been gradually restricting activities with digital assets:

▪️ 2013: The People's Bank of China banned financial institutions from trading bitcoin and other crypto assets.

▪️ 2017: The country banned the operation of cryptocurrency exchanges, which effectively limited the opportunities for legal trading.

▪️ 2021: The government outlawed mining and cryptocurrency transactions and blocked foreign cryptocurrency exchanges from providing services to Chinese citizens.

This step-by-step policy is aimed at reducing the risks associated with financial instability and money laundering, as well as strengthening control over the monetary system.

Morocco

Morocco introduced a ban on cryptocurrency trading in 2017. The country's central bank feared that digital assets could be used for money laundering, terrorist financing, and other illegal transactions. Since November 2017, transactions with cryptocurrencies have been criminalised. Despite the strict ban, Moroccans continue to use cryptocurrencies through underground channels. Recent news suggests that the authorities are considering adopting legislation that would allow the use of crypto assets, which could be a step towards legalising the sector.

Bolivia

In Bolivia, the use, trading and possession of digital assets has been prohibited since 2014. The main argument of the government is the risk to the country's monetary stability and the possibility of using cryptocurrencies to finance illegal activities. This tough approach was driven by the desire to maintain control over the national economy and prevent capital flight.

Algeria

In 2018, the Algerian parliament passed a law prohibiting the purchase, sale, use and possession of crypto assets. The legislative measures were aimed at protecting the economy from potential risks associated with illegal transactions, including money laundering, tax evasion and financing of illegal activities. As in Morocco, despite the official ban, Algeria has seen the underground use of cryptocurrencies.

Don't want to miss important updates and useful articles? Subscribe to our weekly newsletter!

Afghanistan

In 2022, cryptocurrencies were banned in Afghanistan. Some citizens tried to use digital assets as a way to avoid transferring their funds to the Taliban, but the official position of the new regime was unequivocal: cryptocurrency was called ‘fraud’. As a result, the authorities began arresting cryptocurrency traders and closing down businesses related to its use. The ban was a response to the country's economic difficulties and an attempt to control cash flows in the context of Afghanistan's exclusion from the global banking system.

Bangladesh

Bangladesh introduced a complete ban on the use of crypto assets in 2017. Trading and possession of digital currencies is punishable by a criminal sentence, which reflects the government's tough stance on unregulated financial instruments. This approach is driven by the desire to prevent possible risks associated with financial crime and money laundering.

Egypt

In Egypt, in addition to economic and legal considerations, cryptocurrencies have been banned for religious reasons. In 2018, it was announced that crypto assets are contrary to Islamic law. This decision had a significant impact on public attitudes towards digital currencies in the country, limiting their legal use.

Iraq and Nepal

▪️ Iraq: The Central Bank of Iraq introduced a ban on cryptocurrencies in 2017, focusing on the risks associated with financial crime. Given the unstable economic situation, such measures have become a way to protect the national financial system.

▪️ Nepal: In the same year, Nepal decided to completely ban the use, exchange, and mining of cryptocurrencies. The country's legislators focused on preventing illegal transactions and ensuring the security of the financial sector.

Ukraine: on the way to legalisation

Ukraine is not among the countries with a complete ban on cryptocurrencies. However, legislation in this area is still under development. In the autumn of 2021, the Verkhovna Rada passed a law on virtual assets, but taxation rules still need to be approved for full legalisation. The head of the relevant parliamentary committee, Danylo Hetmantsev, predicted that the relevant measures could be adopted in the first quarter of 2025, although tax benefits are unlikely to be introduced at the same time.

By the way, you can buy products using cryptocurrency on the Visit Ukraine portal. This is a convenient solution for those who want to take advantage of digital assets in everyday life.

We remind you! The National Bank of Ukraine intends to test the digital hryvnia next year. We told you how the pilot project is planned and what is known about the launch of Ukrainian electronic money.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Our recommendation for a safe and comfortable trip: 

Visit Ukraine Insurance - insurance for a safe stay abroad without unnecessary expenses;

Green Card - compulsory car insurance for traveling abroad;

Visit Ukraine Tickets - book tickets for buses, trains, and airplanes to/from Ukraine and between cities around the world;

Private Lawyer service - professional legal support on visa and migration issues;

Visit Ukraine Merch - buy patriotic clothing and accessories with worldwide delivery.

© 2018-2025, Visit Ukraine. Use, copying or reprinting of materials on this site is permitted only with a link (hyperlink for online publications) to Visit Ukraine.

All rights reserved.