Last week, the Sindh High Court in Pakistan held a hearing on the legal status of digital currencies that could lead to an outright ban on cryptocurrency trading combined with sanctions against crypto exchanges. Several days later, the Central Bank of Russia called for both cryptocurrency trading and mining operations to be banned. Both countries could join the growing ranks of nations that have chosen to ban digital assets, which already include China, Turkey, Iran and other jurisdictions.
According to a report by the Library of Congress (LOC), there are currently nine jurisdictions that have implemented an outright ban on cryptocurrencies and 42 with an implied ban. The authors of the report highlight a worrying trend: the number of countries that ban crypto has more than doubled since 2018. These are the countries that banned certain cryptocurrency-related activities or announced their intention to do so between 2021 and early 2022.
Bolivia The Central Bank of Bolivia (BCB) issued its first cryptocurrency ban resolution at the end of 2020, but it was not until January 13, 2022 that the ban was formally ratified. The text of the most recent ban specifically targets “private initiatives related to the use and marketing of […] crypto assets”.
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