2021 was a roller coaster ride for both cryptocurrency investors and regulators. The tussle continued in all countries except a few. In many places, the crypto community came out on top. In others, the government was able to completely ban crypto. As a result, many countries have now banned cryptocurrencies, both completely and partially.
The most impactful and popular crypto ban happened in China. Prior to the ban, it was one of the global hubs of cryptocurrencies. After the ban, the country’s crypto ecosystem has completely collapsed. However, the crypto community navigated through the challenges and came out on top eventually.
Another important country to ban country is Bolivia. It is also among the most recent bans on crypto by any government. While a ban was proposed in 2020, it was only on 13th January 2022 that a mandate was passed. Bolivia cited reasons for crypto-related scams and protecting investors’ interest behind the ban.
Nepal, a tiny country on the foothills of the Himalayas, also decided to ban crypto in 2021. According to authorities, the ban was imposed in order to protect investors from various scams and frauds.
In a surprising turn of events, the government of Nigeria also imposed a ban on cryptocurrencies in 2021. Being one of the countries with great potential for crypto developments, the ban from the Nigerian government came as a shock to the country.
Other countries like Russia and Turkey are on the fence at present. While the chance of them banning crypto is slim, we cannot rule out the possibility entirely.