The bitcoin industry is a rapidly growing sector, and it has already reached the point where nations can no longer stand by and watch. Numerous countries across the globe are now debating whether to incorporate bitcoin (BTC) and other cryptocurrencies into regular currency or to impose legal restrictions on their usage.
According to recent research conducted by the Library of Congress, the number of nations that have entirely or partly outlawed bitcoin has more than doubled in the past three years alone.
Cryptocurrency is constantly changing and evolving. Legalities related to crypto have become complex in the recent years. With the rising prominence of crypto, governments are now looking into regulating it.
Among the findings of the research is a list of nations that have taken regulatory measures to enable their usage and a list of countries that have outlawed their use. There are two sorts of prohibitions: “absolute” and “presumed.”
According to the estimate, by November 2021, nine countries would have rejected or outlawed all commercial activity involving digital assets. China, Algeria, Morocco, Tunisia, Egypt, Iraq, Nepal, Qatar, and Oman are among them, and they were the ones that imposed a total ban on the usage of bitcoin.
It is worth mentioning that eight governments prohibited cryptocurrencies outright in 2018, while fifteen prohibited them tacitly. Nine nations and 42 jurisdictions are included in the November 2021 update.