Around the globe progression the use and awareness of the Blockchain and crypto advance currencies steadily. However, the adaptation is not anywhere in the same pace. Some countries have recognized the possibilities of the new technology earlier and jumped on the Kryptozug, while others stay back and the other in the opposite direction drove, and try to limit the spread of the Blockchain and crypto-currencies.
Last week we looked at currencies of the pioneers in the area of Blockchain and Crypto. Now we flip the coin and look at the countries that are not yet so far. In contrast to the list of pioneering this list will be a little different. This is because in some countries there are no concrete attitude to Kryptrowährungen or the Blockchain technology. We are, therefore, especially the countries under the microscope, dealing with the subject, and on this Basis decide to a restrictive stance. In addition, we also calculate countries, the global crypto-Ecosystem in a particular way damage.
In a list with the 10 countries that Cryptocurrencies and the Blockchain are particularly hostile to that expected of the reader and crypto-interested party, not necessarily the small and friendly Island. Especially since Iceland is internationally known to be a popular location for Mining farms. Among other things, Genesis Mining has his Mining Rigs on the Island. The choice falls on the Island, however, almost exclusively to the favourable climatic conditions.
In addition, Iceland offers crypto-enthusiasts, namely, not much. Trade with crypto currencies is on the Island, strictly speaking, namely, illegal. The reason for this lies in the aftermath of the banking collapse in the Wake of the financial crisis in 2008. At the time, introduced strict exchange controls for the country’s currency, the Krona. So the Icelandic currency can be carried out neither from the country nor can be used foreign currencies as a means of payment in Iceland. Crypto-currencies fall, according to this reading, in the category of foreign currencies.
In contrast to Iceland, the one would not have expected a placement in the Top 10 of crypto’s most eurosceptic countries, surprised in China, presumably, the relatively low placement. Finally, the middle Kingdom is dominated with its ICO-ban, as well as the closure of the crypto exchanges the headlines for weeks. Also, compared to the Mining KP, and PBOC will show up, not always friendly, and try, under the pretext of environmental concerns, the Mining provider to push out of the country.
However, we consider – as in the case of the ten most friendly countries in addition to the regulation of cryptography, the Blockchain adaptation currencies. Here, China scores well above average. This is in part due to the efforts of the private sector – more than half of the Blockchain patents worldwide were registered in China. The government is also self-evident in the technology interested in what the publication of the Blockchain-highlights Handbook for a management team.
A more detailed consideration of the crypto situation in China can be found here.
In Iran, hanging and contractions of crypto-currencies directly from the political and especially the economic Situation in the country. It was the economy and especially the national currency, the Rial well, also showed the government of the Islamic Republic open to crypto-currencies. So the High Council for Cyberspace discussed currencies in the past year open, on the adoption of Crypto, and even drew a positive conclusion. The President of the United States, prepared for the crypto-friendly attitude of the government, however, a quick end.
Since then, the United States brought the reinstatement of sanctions against Iran into the game, joined the Rial in a noticeable Inflation. The same time, Bitcoin and other crypto-enjoyed currencies increased in popularity. This development prompted the Iranian government to intervene. Under the pretext of the fight against money laundering and terrorist financing, the Central Bank said, finally, a ban on all banks and financial institutions of the country, to take advantage of crypto-currencies. Has helped it so far, however, little: The use of crypto-currencies continues to grow.
In Vietnam, there are since 1. January 2018 a ban on crypto-currencies. As the Vietnam Bank Central in October 2017 to be announced, will not tolerate it not means of payment in addition to the Central Bank’s self-issued national currency, the Dong. On the opposition against this legislation have been advertised met very high money. The use of Bitcoin & co. through the population was, however, not completely prevent it.
There is no other way to explain that Vietnam was able to develop since January of 2018, one of the fastest growing Mining sites. In contrast to the use of crypto-currencies of the mines was not eliminated first. However, this step should follow in the course of the year from the government. After the import stop for Mining Hardware in June, the government and the Central Bank went against individual Mining operators in the country. Further, since it helps the crypto-Ecosystem is not just that it had increasingly been cases of fraud in connection with Cloud Mining.
6. Saudi Arabia
The crypto ban in Saudi Arabia in August of 2018, came rather as a surprise. In a opinion of a Committee of financial market regulators, it said, the Bitcoin-trading deck-no state supervision. Thus, traders and investors to bear high risks. The Declaration by the Kingdom to warn the population against such “illusions and Will follow-rich-schemes”. The opinion of crypto-currencies is fairly clear and negative.
The Kingdom of Saudi Arabia was not noticed in the past, not necessarily the particular crypto-hostile. In terms of Blockchain adaptation had been moving in a good direction. So the country was already playing scenarios of a Sharia-compliant financial service using the Blockchain. In addition, it is tested together with Ripple Labs cross-border payments above xCurrent.
In the Kingdom of Morocco, crypto-currencies are – as well as in the North African neighboring countries, Algeria and Egypt – is completely forbidden. In Morocco, it was announced in November 2017, transactions of crypto currencies to be in violation of applicable law, and punished, in Algeria, the prohibition to the beginning of 2018 followed. In Egypt, the Central Bank warned at the beginning of 2018, only from the effects of the Bitcoin trade, the centre for Islamic legal issues, damn crypto-currencies, however, as haram.
Financial service providers because of the special legal situation in religiously-dominated countries have traditionally been in a difficult position. However, there is hope: at Least the Cryptocurrency Stellar has received an order from Shariyah Review Bureau with a certificate that named the Coin as halal.
The Latin American landlocked Bolivia was one of the first and most determined countries, the crypto currencies generally prohibited. Already in 2014, you dealt with the Bitcoin and the slowly emerging Altcoins and came to the conclusion that the crypto scene is too dangerous for its own population. In the explanatory Memorandum it is stated that neither the Bitcoin nor any other crypto-currencies are legitimized by a recognized Institution.
2017 finally, the government went hard against the Bitcoin supporters in the country. So were arrested as a “small reminder of the population to the Bitcoin ban” 60 participants of a workshop. Crypto currencies were branded, per se, pyramid schemes, of which the Bolivian people not to be lulled to sleep could. Initiatives to Bitcoin Mining have been suppressed by the state and prevented. In the middle of South America, the air you Breathe stays away for crypto-enthusiasts nearly.
Also in Bangladesh, it is important to retain as some of the mentioned countries, the Muslim right in the eye. While most crypto-sceptical States content, however, bans, fought against the South Asian state, the use of crypto-currencies really. In a decree of December 2017, in the crypto-currencies are officially forbidden, among other things, on laws to combat terrorism and money laundering.
In February, the state and the Central Bank began to keep track of all citizens, acting with crypto-currencies, literally. The Central Bank warned all commercial banks urgently against the use of crypto-currencies. So the police are also involved in the enforcement of the law and is “on the hunt” for crypto users in Bangladesh. People that have to do with crypto-currencies, threatening long prison sentences. With his feisty attitude to crypto-currencies and the uncompromising enforcement of this attitude has earned Bangladesh a place in the Top 3 honestly.
2. North Korea
In the isolated Communist state of North Korea, there is no clear attitude to crypto-currencies. In view of the limited possibilities of the North Korean population, contact with the outside world, is not a political regulation of crypto-trade but not necessary. The North Koreans have simply no ways to acquire crypto currencies, or to keep.
It is less the attitude of the Kim regime than his deeds, to make North Korea one of the enemies of the global cryptographic system. The allegations against the East Asian state are piling up, to be behind hacking attacks on South Korean crypto exchanges. To be counted already in the last year, as South Korea, the fastest growing crypto-markets, we presumed North Korean hackers are behind the attacks. In addition to the stolen Bitcoin and Ether, the state should operate in addition to the Mining of crypto-currencies.
What is the government leading up to? North Korea is suffering now for decades, on-going economic sanctions from the international community. Funds raised by crypto-currencies, you can bypass the sanctions. According to a former NSA employee is a part of the crypto – money is not to currencies to be invested in the North Korean nuclear program-a flagship Use Case for Crypto.
The fact that Venezuela plays in this collection in the first place, might come as a surprise. Finally, the country is one of the pioneers of the global crypto-Economy and the Petro-the first government-issued and guaranteed Cryptocurrency on the market. On closer examination of the backgrounds of the Petro-classification of Venezuela is not more surprised, however, not so much.
So we are years in Venezuela currently witnessing one of the worst Hyper inflations since the currency devaluation in the Weimar Republic of the early 1930s. Already in the course of the past year, especially Bitcoin and Ether developed to safe-haven currencies for the Venezuelan population. Specifically, the Mining of crypto-currencies has increased due to the devaluation of the Bolivar, rapidly, is current in the oil-rich country but as a single Well at zero cost.
At the beginning of 2018, the government began to hijack the concept of crypto-currency for their own purposes. So the Petro-currencies are almost nothing to do with the Bitcoin or other Crypto-community, but is merely a means to an end, to couple the value of the national currency to the price of Oil – the main resource of the country. Also, the course of the restored Bolivar, soberano should be curbed Inflation, stabilized.
By the misuse of the principle of crypto-currency to prop up a dysfunctional economy and thus to the legitimacy of an overburdened government of Venezuela plays with the confidence in the entire Ecosystem. By the Venezuelan government is also staged as a precursor to the global crypto Ecosystem, this is detrimental to the crypto and Blockchain-adaptation, ultimately, more than any restrictive ban, as we observe it in other States.