A total of 51 countries worldwide have placed a ban on the crypto industry, according to a report published by the Global Legal Research Directorate (GLRD) of the Law Library of Congress.
The report was originally published in 2018 but has since been updated with new findings. The November 2021 report found the number of countries banning crypto “increased significantly” since the research first came out in 2018.
“While the 2018 report identified 8 jurisdictions with an absolute ban and 15 jurisdictions with an implicit ban, the November 2021 update identifies 9 jurisdictions with an absolute ban and 42 with an implicit ban,” the report said.
Absolute bans refer to countries that have made cryptocurrencies illegal. Implicit bans means those countries which prohibit banks or other financial institutions from dealing in cryptocurrencies or offering services to people or businesses that involve crypto. They also refer to placing bans on cryptocurrency exchanges from operating in their jurisdiction.
The Library of Congress report details 9 countries that have placed bans on cryptocurrencies. These countries are Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. Among them, China has made the biggest headlines throughout the year.
Prior to the crackdown on Bitcoin mining, China controlled approximately two-thirds of the industry. In the implicit bracket, countries like Tanzania, Toga, Turkey, Lebanon, and Bolivia are included.