Press release. October 2021, CryptoService Comparison Site-Cryptoiser, take a closer look at the recent crypto bans in China and several other countries that legalize cryptocurrencies in any way and why.
As Cryptovizer reports, There are more than 15 countries where cryptocurrency is restricted or completely banned, but some are stricter than others and this makes ownership of any crypto asset completely illegal. For example, the report lists Bangladesh as a country that prohibits the possession of any type of cryptocurrency, despite the fact that 2.2% of the population of Bangladesh owns some cryptocurrency.
Decentralized exchange leads the way
The report also explains why decentralized exchanges are preferred Pancakeswap Makes it possible to own a crypto despite your citizenship. With the power to keep your money away from any central authority, citizens of the reportedly banned crypto state can still hold the currency.
Countries with partial sanctions try to control their markets
Although some countries, such as Turkey and Russia, do not completely ban cryptocurrency, they do force their citizens to jump through certain hoops. For example, the report explains that these restrictions may not allow users to pay with crypto (but it is okay to hold) to force users to register their crypto exchanges with banks, or in the case of Bahrain users need to have a “crypto license”.
The highest concentrations of crypto users have been reported in developing countries
The report lists the highest percentage of crypto users as developing countries. Countries such as Vietnam and the Philippines reported that 20% of their population had access to cryptocurrencies at some point, while the United States reported only 13%.
The comment is final
It is not surprising that countries continue to prohibit and enforce strict regulations on cryptocurrency activity. As cryptocurrencies become more common, governments can enforce regulations as well as increase their understanding of digital currencies and at the very least create a combination of them.
Cryptowisser is a cryptocurrency service comparison site with the world’s largest, most updated and trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With over 1,000 reviews from various exchanges, debit cards, wallets and merchants, they help you make all your purchasing decisions and choose services in the crypto world.
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