Full list of countries where cryptocurrency trading is legal and 21 others where it is illegal

Full list of countries where cryptocurrency trading is legal and 21 others where it is illegal

No doubt, the decision of the Central Bank of Nigeria (CBN) on Friday, February 5, to ban cryptocurrency trading in the nation dashed the hopes of many citizens and spoiled business for a lot of persons.

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

The apex Nigerian bank claimed that the online trading system is used by some persons to fund terrorism across the world, adding that it is also a means of encouraging cyber crime through Deposit Money Banks (DMBs) and Non-Bank Financial Institutions (NBFIs).

The resolve of the federal government has been met with a lot of reactions and criticisms, understandably by those who are into the virtual business.

Full list of countries where cryptocurrency trading is legal, illegal
Nigeria is in a league of big nations that do not allow cryptocurrency (Photo: @cenbank)
Source: Depositphotos

A report by The Nation outlines lists of countries that have banned cryptocurrency and those who still consider it legal.

Nations that considers the practice illegal:

1. China

2. Bolivia

Read also

I am Wildcat bio: Age, real name, face, girlfriend, net worth

3. Morocco

4. Ecuador

5. Iran

6. Bangladesh

7. Nepal

8. Afghanistan

9. Pakistan

10. Algeria

11. Egypt

12. The Republic of Macedonia

13. Qatar

14. Vanuatu

15. Vietnam

16. Saudi Arabia

17. Taiwan

18. Indonesia

19. Colombia

20. Cambodia

21. Nigeria

List of countries that still permit cryptocurrency by their citizens:

1. Australia

2. Canada

3. Japan

4. Gibraltar

5. Malta

6. Ukraine

7. Switzerland

8. The Netherlands

9. Lithuania

10. Estonia

11. The United Kingdom

12. Germany

13. Bermuda

14. Slovenia

15. Singapore

16. Georgia

17. Belarus

18. Hong Kong

Earlier, the CBN had directed all banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

Read also

Best Korean movies you need to watch

This was contained in a circular issued on Friday, February 5, distributed to DMBs, NBFIs, and OFIs.

The circular was signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.

Legit.ng gathered that the apex bank told the regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

The CBN said:

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited."

Source: Legit Nigeria

Online view pixel