10 countries that banned cryptos calling them threats, ponzi schemes & more
Cryptocurrencies have caught the imagination of investors apart from tech enthusiasts – in a very short period of time. Now, there are as many as 20,000 such currencies in circulation. Yet, most governments tend to view it with suspicion, and a few have even gone ahead and banned them. As per the Law Library of Congress, a global research directorate, eight jurisdictions had an absolute ban, and 15 jurisdictions with an implicit ban on cryptos in 2018. In November 2021, it grew to nine jurisdictions with an absolute ban and 42 with an implicit ban. And, the list keeps growing. The monetary authority of Singapore is expected to broaden its crypto regulations soon. Many of India’s neighbors like Nepal and Bangladesh too have banned them. India slapped a 30% tax on cryptos earlier this year, along with a 1% TDS on all crypto transactions. However, the government also said that it does not mean that it is legally recognizing it. Its central bank however has no doubts and keeps insisting on a ban.