Editor's note: Encrypted assets have plummeted almost across the board today, possibly due to concerns about the US tax increase plan. It is believed that the regulation of global encrypted assets will be closer and closer. The following is the original content.

The relationship between governments and crypto assets has always been tense. In some countries this has led to outright bans on buying, possessing and trading.

Outright bans on crypto assets mainly occurred around 2017 and 2018, coinciding with the Bitcoin (BTC) bull run. As central banks and governments take note of the surge in interest in crypto assets, ignoring this growing market is no longer an option.

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Türkiye Bans Cryptocurrency Payments

Recently, Turkey’s central bank issued a ban on crypto-asset payments. However, the move is not surprising as the country has been tightening restrictions on crypto asset exchanges over the past few months.

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India continues to enforce ban

The Indian government has yet to pass anti-crypto-asset regulations. However, a draft bill proposing a ban on private crypto assets will soon be tabled in the Indian Parliament. One reason for this is its belief that crypto assets fund illicit activities.

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Nigeria says no to crypto asset exchanges

Nigeria doubles down on its crypto asset ban in February 2021. Africa's largest encrypted asset market has banned banks and financial institutions from providing online and offline encrypted asset services since 2017.

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Bolivia's ban continues

Bolivia's central bank banned any decentralized crypto assets in 2014. However it stipulates that governments are allowed to create currencies. The ruling was made to protect the national currency and protect investors.

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Ecuador Follows Bolivia in Banning Crypto Assets

Ecuador quickly followed Bolivia, implementing an outright ban on decentralized assets later in 2014.

In a vote in the National Assembly, the government amended the monetary and financial laws to allow the use of"Electronic money"secondary title

Algeria does not support Internet properties

In 2018, Algeria made the use of crypto assets illegal. The law, translated from Arabic, defines cryptoassets as:

"Virtual currency is a currency used by Internet users on the Internet. It is characterized by no physical backing such as coins, banknotes, or payment by check or credit card." 

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In Nepal, Operating Crypto Assets Could Mean Jail

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South Korea Not Interested in Privacy Coins

Crypto assets are legal in South Korea, and some of the biggest players in the space hail from the region. However, the country began banning privacy coins such as zcash (ZEC) and monero (XMR) in 2021. The government told the country’s crypto asset exchanges to delist the coins from March 21.

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Qatar Bans Banks from Dealing with Crypto Assets

In 2018, Qatar warned banks not to trade crypto assets.

A circular from the Qatar Central Bank's Financial Institutions Supervision and Control Department warns banks not to"transact with Bitcoin, or exchange it for other currencies, or open an account with it, or send or receive any transfer of funds for the purpose of buying or selling such currency"secondary title

Crypto assets are illegal in Egypt

Crypto assets are not directly banned in Egypt. Yet Islamic lawmakers declared in 2017 that transactions with crypto assets are prohibited under Sharia law.

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Bangladesh does not support crypto assets

Bangladesh has banned crypto assets since 2017. The central bank warns against trading bitcoin. Because it says these are illegal. Therefore, dealing with unknown persons may violate the country's Money Laundering Prevention Act.

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Bans Come and Go, But Crypto Assets Remain

This list is not exhaustive, and the ban on crypto assets changes frequently. As mainstream acceptance of Bitcoin increases, the legal environment around the world is likely to change even more.

While it appears that some countries are moving towards more restrictive policies, other governments are considering how to participate in the future of digital currencies. In most cases, this is through central bank digital currencies.

How each country will participate in the future of money is uncertain, but digital currencies in various forms may not disappear anytime soon.

Compilation: Bibabu

Compilation: Bibabu