The List of The Countries Where Bitcoin Casinos are Prohibited [Updated in 2021]
The legalization of cryptocurrencies has come across lots of struggles, especially after the revelation of Bitcoin’s success. Cryptocurrency has no public authority monitoring its transactions. It uses cryptography to ensure that the dealings are safe and secure.
Among all the cryptocurrencies in the world, Bitcoin is more popular. Perhaps, it is due to its success. However, others, including Ripple, Ethereum, Dash, Litecoin, etc. today, are so many such that it is difficult to know the legal ones.
The major challenge facing these digital currencies is the absence of a regulation system. There are those countries where it is legal. Besides, some countries have softened their hard stand against Cryptocurrencies. It was illegal to transact Bitcoins amongst other digital currencies, but it is now legal.
But some countries don’t want to hear anything about cryptocurrencies. It is illegal to use any digital currency, including Bitcoin. The legal status on the use of Bitcoins has an impact on the legalities of the same in Bitcoin casinos.
Countries that prohibits Bitcoin
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Kyrgyzstan
It is illegal to use cryptocurrencies as a payment option in Kyrgyzstan. The ban includes Altcoin and Bitcoin. However, citizens are free to buy or sell Bitcoins.
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Bolivia
The country is reluctant to legalize the use of digital currencies. The recent surge in criminal activities by some inhabitants reaffirms that. The Central Bank of Bolivia condemned a secret pyramid scheme operating under an alleged investment in Cryptos. It has gone further to issue a statement that reminds the citizens that it is illegal to use virtual coins.
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Iran
Like in India, April 2018 was also a turning point for the crypto community in Iran. There were concerns about money laundering in the country. Therefore, to cushion a crisis facing the national currency, the president steered the government to prohibit any crypto-related transactions amongst banks.
Besides, there was a looming fear of economic sanctions by the United States. Therefore, the Central Bank of Iran issued a circular forbidding selling or buying of the currencies. Additionally, there was a warning against any move to promote them. At the time, the national currency kept nose-diving as the authorities went on to apprehend people involved in money trading.
However, there are indicators that the government has interests in crypto. There are reports that the central bank is creating rial-backed digital currencies to circumvent sanctions. Besides, major banks in the country have come up with Paymon, a stable coin with a gold backing as they try to increase liquidity.
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India
The Reserve Bank of India came up with a ruining decision to the cryptocurrency industry in April 2018. Its ruling prohibited all banks from transacting with crypto-related businesses. Three months later, the ban became effective. However, there was a lot of resistance from the affected community as they filed petitions to have the ban dismissed.
Later, India’s Supreme Court made a declaration considering the ruling as disproportionate and controversial. There was an issuance of a joint verdict through a bench of three judges. The verdict proved the absence of turgid facts to lead to RBI’s prohibition on cryptocurrencies.
As at the time of this writing, there is only one hindrance to an entirely legal digital currency space. That is the pending 2019 draft bill that seeks to ban cryptocurrencies but has faced delay by the legislature.
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Bangladesh
It is illegal to buy or sell any cryptocurrency, including Bitcoin, in Bangladesh. The Financial Intelligent Unit (FCU) collaborates with the Computer Crime Unit to investigate any person involved in the activities.
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Nepal
Nepal Rastra Bank is the chief financial regulator in this country. in the recent past, the bank issued a ban on any crypto-related activity, citing that it threatens its economy. The arrest of several individuals alleged to oversee the exchange of cryptocurrencies within the country confirms the decision.
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Thailand
The Bank of Thailand advised financial institutions to avoid cryptocurrency transactions citing potential problems from uncensored trade. Through a statement, the Central Bank clarified that the digital currencies were not leag tender in the country and could be used in criminal activities such as financing terrorist acts and money laundering. However, in what appears to be a turnaround move, the government announced that it wouldn’t fully prohibit cryptocurrencies but develop regulations on the issue.
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Denmark
The use of Bitcoins does not face any written ban in Denmark. However, the government does not recognize and has gone further to state that it won’t regulate its use.
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Ecuador
The Central Bank in the country does not recognize Bitcoin as an authorized payment option. Besides, it goes ahead to note that buying and selling any digital currency, including Bitcoin, via the internet as legal. However, it emphasizes that it should not be used in making payments since it is not a legal tender.
Countries where Bitcoins are legal
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Japan
This country is in the list of the fastest developing tech markets. Therefore, it allows for cryptocurrency transactions. The government issues a framework based on the Payment Service Act. Its purpose is to allow some digital currencies and several exchanges to be used in transactions.
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Venezuela
Most Venezuelans embraced cryptocurrencies as the economic collapse continued to worsen in the country. It was a tactic of maintaining the value of their savings. So far, the government has developed Petro, an oil-backed digital currency. But most of the people have gone to cryptocurrency mining as they seek to raise their earnings.
Besides, as the national currency faces continued inflation, the government controls the rate of utility bills. Therefore, it is so cheap to mine Bitcoin in the country. Therefore, Bitcoin mining is legal in the country.
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United States
The government allows the use of Bitcoin in transactions. It recognizes it as a decentralized virtual currency since 2013. The CFTC was placed in the category of commodities in 2015. Besides, it is a legal and taxable item in the United States. However, the fate of other cryptocurrencies is not clear.
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Germany
Cryptocurrencies are legal in this country. Therefore, bitcoin transactions are legal in the country. Germany also happens to be among the few countries in Europe, which is an active participant in creating blockchain solutions.
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France
It is legal to transact using digital currencies, including Bitcoins, in France.
Final Thoughts
As time goes one, the predictions are that more countries will soften their hardstand. As long as Bitcoin continues to show the success as it does so far, there is hope in governments considering legalizing it amongst other digital currencies.