Bitcoin Regulations Around the World: A Comprehensive Look

Current Legal Tender Status

Currently, only two countries have adopted Bitcoin as legal tender: El Salvador and the Central African Republic.

Partial Bans and Restrictions

Some countries have implemented partial bans on Bitcoin. TheseBans may include restrictions on holding, mining, or using the cryptocurrency. Countries with such bans include:

• Argentina
• Colombia
• Iran
• Taiwan

Complete Cryptocurrency Bans

As of November 2021, the Library of Congress reported that nine countries have banned cryptocurrency completely. These countries include:

• Bangladesh
• Bolivia
• Ecuador
• Iraq
• Kosovo
• Nepal
• Qatar
• Vietnam

Algeria's Cryptocurrency Ban

Algeria became one of the first countries to ban cryptocurrency in 2018. A financial law passed that year made it illegal to buy, sell, use, or hold cryptocurrencies.

China and Saudi Arabia's Restrictions

China and Saudi Arabia have both taken strong measures against Bitcoin. China has effectively banned Bitcoin mining and trading through a series of measures implemented since 2017. Saudi Arabia has also made it illegal to use Bitcoin for any transactions.