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Author: Admin | 2025-04-27
Money transfer services became extremely expensive and inconvenient, so many Afghans relied on crypto-transfers to receive remittances. According to a report by Chainalysis in 2021, Afghanistan was the 20th among 154 countries in the Global Crypto Adoption Index.Egypt: Cryptan Ban and the Possibility of LicensingDar Al-Ifta, Egypt’s primary Islamic legislator, decreed that commercial transactions in Bitcoin are forbidden under Islamic Law. The religious legislative body stated that cryptocurrencies could damage the country’s financial system and national security.Even though the religious decree (“fatwa”) is considered a legal opinion, thus non-binding, it still reflects the country’s attitude towards cryptocurrencies. This stand was further solidified by a warning issued by the Central Bank of Egypt (CBE) against all crypto-related transactions.CBE Law or the Law No. 194 of 2020This law replaces the Law No. 88 of 2003 as Egypt’s central bank law. Amendments introduced in the new law aim to regulate banking activities further and keep up with international standards. Law No. 194 also deals with “Fintech,” cryptocurrencies, and e-payments.The new CBE law prohibits the issuing, dealing, and promoting of cryptocurrencies without an applicable license from the central bank. This was a welcome development for some as it allowed crypto-trading companies to be licensed. However, no license to deal with crypto has ever been issued since the law’s enactment.According to its Fourth Warning Statement, the CBE’s position against cryptocurrencies remains. Law No. 194 also penalizes unauthorized crypto-related activities with imprisonment and a fine of no less than 1 million or not exceeding 10 million Egyptian Pounds (EGP).Bolivia: Enduring Crypto Ban Despite Changing RegimesBanco Central de Bolivia (BCB) banned cryptocurrencies in Bolivia as early as 2014. An official statement from the BCB warned that “crypto-assets are not a legal tender in [Bolivia], as well as their commercialization and [purchase], because they [incur] potential risks of economic losses to their operators and holders.”Based on the BCB statement, the country does not explicitly ban the possession and individual exchanges of cryptocurrencies. However, it closes all the doors for all crypto-related businesses in the country.Against Cryptocurrency PromotionBolivian authorities arrested 60 individuals who were conducting “cryptocurrency investment training” in 2017, according to a statement by the country’s financial authority ASFI (“Financial Regulatory Authority”). This shows the country’s zero tolerance for any kind of promotion of cryptocurrencies.Bolivia’s ban on cryptocurrencies did not change even after its former president Evo Morales resigned in 2019 and the one-year interim government from the opposition.Countries Where Crypto is RestrictedListed here are the countries with a few restrictive regulations on cryptocurrencies but generally do not completely hinder or criminalize their activities. In fact, some of them are even showing positive adoption rates despite the restrictions.The countries in this list may not have the most favorable
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