Crypto & BlockchainTechnology For SMEs

Is Cryptocurrency not available in some countries?

There are twenty different cryptos that are the most secure and efficient crypto assets of all other 1,000 digital assets.

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Cryptocurrency is growing in popularity day by day. The market is growing and people are more likely to invest in it for better and more profitable results. There are many cryptocurrencies available in the market with different prices and benefits. With the advancement and improved means of the digital world, we need a more efficient and faster way to generate cash on demand. There are twenty different cryptos that are the most secure and efficient crypto assets of all other 1,000 digital assets. It allows you to process transactions all over the world without any obstacles. There are various centralized and decentralized exchanges that allow you to buy, sell and trade Cryptocurrency via their platforms. 

To ensure the success of your Cryptocurrency investment, Yuan Pay Group you need to look for a variety of factors and need to possess reasonable knowledge. One of the prominent factors to consider is whether Cryptocurrency is legal in your country or not. Cryptocurrency carries various risks, one of which is that you could end up losing all your investment if the government closes the door on cryptocurrency. 

The relationship among the government and Cryptocurreny has always been tense. This unhealthy relationship has led it to outright bans on buying, owning and trading of cryptocurrency in their locality. This prohibition started mainly in 2017-2018. Some countries prohibit the coins because they can’t control it. 

Turkey banned Cryptocurrency payments

The Central Bank of Turkey banned payments in cryptocurrency in recent times. Initially Turkey was amongst the countries having the higher transactions rate in cryptocurrencies. It was disturbing the bank’s growth. However, the move was not surprising, as the country has tightened restrictions on cryptocurrency exchanges in recent months.

Turkey’s reason for this ban is the lack of regulation and central authority for parts. They see this as a risk for investors who cannot compensate for any loss.

China has restricted the digital currency

Since the advent of these digital currencies, China has been tough on its restrictions. The CCP, led by Xi Jinping, has severely cracked down on these digital tokens, with the crackdown intensifying every year. To deal with crypto giants like Bitcoin, China has introduced its centrally regulated digital currency called Digital Renminbi (RMB).

Egypt consider Crypto Haram

There are various activities, foods and actions that are considered Haram in Islamike alcohol intake, eating pig meat etc. Cryptocurrencies are not directly prohibited in Egypt. However, the Islamic lawmaker declared haram cryptocurrency transactions (prohibited) under Islamic law, in 2017. Dar Al Iftaa considers that cryptocurrencies can harm Egypt’s national security and economic health.

Indonesia completely banned crypto

The Central Bank of Indonesia has generated a unique set of rules and regulations relating to the promotion and trading of cryptocurrencies. It has banned digital tokens completely from January 1, 2018.

South Korea has no interest in Cryptocurreny privacy coins

The country hasn’t put any ban on the cryptocurrency before but the government have told the cryptocurrency Exchanges in the nation to delist the coins. The reason behind is to avoid cybercrime syndicate and money laundering. 

Venetian has banned some Cryptocurrency circulation

Although Bitcoin is still banned from trading by the state bank, possession and circulation of the cryptocurrency is permitted for the average user. Research is being carried out in the country to better understand cryptocurrencies and their implications.

India is threatening to put a ban

The government of India believe cryptocurrency fund activities are legal. They has to pass anti-crypto regulations. A draft bill that will propose the van in private Cryptocurrency will be presented in the parliament soon. The government is not against the cryptocurrency entirely, they’re planning to launch it’s own central bank digital currency which is the digital rupee.

Are these bans permanent or not?

This list is quite long and bans change with time. The mainstream acceptance us growing and indicates the legal landscape to alter even more globally. Some countries are moving towards more restrictions while the others are moving towards unbanning of it. In past Saudia arabia banned it but now it is all legal to trade Cryptocurrency there. The digital currency is indicating a bright future and is not going anywhere. That is why some governments are also taking part in future of Digital correct by making their own ecntrel bank digital currency setup. This highlights the importance and benfits of making any investment in the cryptocurrency. 

The bottom line:

If you also want to be a crytp millionaire, make sure to consider all factors, be more acknowledged, Research about all the facts and figures and be wise while choosing any exhange. There are bundles of option avaiable from which you can choose the most suitable one for you! 

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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