Cryptocurrencies still have a bit of a bad rep in certain parts of the world. They have been criticized for their extreme volatility, unregulated landscape, and potential to enable and anonymize illegal transactions. As more people embrace digital currencies, authorities in several jurisdictions have ramped up restrictions on their usage. The legal status of Bitcoin (BTC) and other cryptocurrencies varies from country to country. Crypto usage is not strictly illegal in most countries; its status as a medium of exchange and a store of value varies with different regulatory implications. Countries With Sanctions Against Cryptocurrencies Some governments have placed limitations on how crypto is used. In countries like Nigeria, financial institutions may be penalized if they allow customers to conduct crypto transactions in their banking halls or online platforms. More authoritarian regimes outrightly forbid any crypto use within their borders. These countries have put in place heavy penalties for anyone caught contravening crypto-related laws. Algeria, for instance, passed a law in 2018 that made it illegal to hold, trade, or use crypto. Bolivia also has a total crypto ban stemming from a 2014 Central Bank resolution that outlawed the use of any form of currency not regulated by a country or an economic bloc. On the other hand, India has shown growing hostility towards crypto in the last year. In November 2021, the Indian governm...
