Greater than fifty nations have positioned bans on cryptocurrency, based on a report from the Legislation Library of Congress. The November report served as an replace to analysis that was revealed in 2018.
Since 2018, “the variety of nations discovered to have issued cryptocurrency bans has elevated considerably,” the report mentioned. As of November 2021, 9 nations have positioned an “absolute ban” on crypto, which means that it’s fully unlawful. Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia have all joined China in outlawing crypto.
China first made the choice to ban crypto buying and selling in 2017. The nation prolonged its ban to dam crypto mining earlier this 12 months.
42 extra nations have issued “implicit bans” prohibiting banks, lenders and different monetary establishments from coping with crypto. These nations embrace Georgia, Turkey and Saudi Arabia.
The report additionally discovered that the variety of nations subjecting crypto to tax legal guidelines, in addition to anti-money laundering and counter-financing of terrorism legal guidelines, has jumped from 33 in 2018 to now 103. Excluding Bulgaria, the entire member states of the European Union at present have these laws in place.
21 nations, nonetheless, don’t apply any type of anti-money laundering or counter-terrorism financing regulation to their crypto industries, together with Brazil, Jordan, Pakistan and Kazakhstan.
In different tech information, a Sony employee allegedly stole $154 Million USD from the company and converted it to Bitcoin.
