• Tue. Aug 2nd, 2022

Countries that are against the use of digital currency and the reason

ByHazel R. Lang

Jun 22, 2022

Cryptocurrency has been in full swing for a very long time now. It attracted people from all walks of life to earn more money on https://bit-iq.de/ by crypto trading. People who started their journey in this game in its early days in computer currency were able to earn a fortune for themselves and their families. And such stories attract several people with a similar goal every day. Many countries have welcomed this new concept with open arms and have also started accepting cryptocurrency payments.

However, some countries are totally opposed to the use of computer money and have closed their doors to any form of transactions circulating in the country. The Bitcoin trading platform is the best solution for every problem related to cryptocurrency. Here you can start your journey in the cryptocurrency game and aim for higher profits.

The cryptocurrency trend is raging day by day, and if we are talking about the most successful and biggest cryptocurrency, then it is for rs. Thirty-three lakhs and Ethereum is the second largest at Rs 2.3 lakhs. India has been very lenient with digital currency as its use is not very regular, but it does not matter if people own it and engage in trade. So, if we are talking about the countries that are completely against computer currency and have banned it, then continue reading this article.

China has always been against digital currencies and their concept. Additionally, they have been very restrictive and have a no-tolerance policy for bitcoins or any other cryptocurrency. The Xi-Jinping-led CCP destroyed these available digital tokens. The intensity of dissemination of these digital tokens becomes extreme every year, as it increases every year.

They are completely against cryptocurrency as the control is not in the hands of the government or any other financial institution. Therefore, it is very difficult for them to regularize it. Therefore, to bridge the gap, they have come up with their own centrally regulated digital currency known as Renminbi, also known as RMB. So you can understand here how brutal the policies imposed by China on the idea of ​​computer money are.

The Bolivian government has been able to put in place the appropriate regulations and policies related to digital currency. Therefore, if a cryptocurrency does not complete any regulatory radar, that digital currency is expelled from the Bolivian economic system. The only thing that has made the Bolivian government so rigid regarding the existence of digital currency is the fear that it will also attract multiple criminal minds.

Cryptocurrency is based on blockchain technology, and this blockchain is the reason that makes all transactions untrackable. No one can make changes to blockchain ledgers. Therefore, the Bolivian government is quite sensitive to the use of cryptocurrency in the daily use of people.

Indonesia has shown zero tolerance for the use of digital currency. They considered the use of computer money as a criminal act because the criminal bosses only used the use of this currency. The Indonesian government has formulated a new set of rules and policies regarding the promotion and trading of computer currency.

If you want to use cryptocurrency, you must submit to the policy control set up by higher authorities in Indonesia. Moreover, the government has completely banned digital currency or tokens from January 1, 2018. So it is a journey of digital currency in Indonesia.

Turkey is the country where the maximum number of transactions regarding the digital currency has been noted. The number of transactions was so high that the Turkish government had to put a stop to the use of digital currency. Moreover, they have also imposed new guidelines and policies related to the use and trading of digital currency.

Thus, it is now illegal to use cryptocurrency in Turkey and you cannot make any computer currency transactions. The policies and guidelines they have formulated also include a clause containing rules regarding money laundering and terrorism in its financial aspects.


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