50 countries lieu the polar side of banning cryptocurrencies as of 2021

• In 2021, Cryptocurrencies marked their mainstream adoption, where many countries went berserk for or against the tokens 
• The blanket ban imposed by the Chinese caused waves of regulatory discussions around the world. 
•  2022 could be the year of regulations and CBDCs  

The cryptosphere witnessed many phenomenons that consequently lead to the beginning of the mainstream adoption, be it the launch of the ETFs or the surge in trendy NFTs and outsized gains seen by various investors of select tokens, all of such lead to the chatter and understanding to cryptocurrencies and blockchain technologies. 

However, as the crypto sphere caught momentum, so did the concerns of various experts and regulators, questioning the legitimacy and pseudonymity consequently pointing out the extreme volatility of the crypto markets. 

– Advertisement –

Most importantly, China decided to vouch against cryptocurrencies, imposing a blanket ban on all and any activities or transactions surrounding the tokens in 2021. Such a move sparked ranging conversations at various levels of almost all countries of the globe, facilitating some stance on the decentralized tokens. 

According to a report by the Law of Library of Congress released in november stated, 51 countries have either partially or completely banned cryptocurrencies. Among those 51 nations, in addition to China, eight others have also opted to impose a complete ban on cryptocurrencies. 

Countries like Algeria, Egypt, Iraq, Qatar, Morocco, Nepal, Bangladesh and Tunisia have all decided to completely ban exchanges and mining companies from operating in their countries while the rest 41 countries have structured regulations to partially discourage investors from investing into the spectrum.   

ALSO READ – ADIDAS ORIGINAL NFT COLLECTION MADE $60M IN SALES IN JUST 18 DAYS

However various countries too have welcomed the crypto sphere where countries like Abu Dhabi have invited more businesses and exchanges to set up their homes at the native country, Russia too looks at mining of cryptocurrencies as an entrepreneurial activity. while the country of El Salvador stood apart from the rest when it adopted the crypto king, Bitcoin as a legal tender where it can be used as a medium of exchange.   

Apart from informed and clear stances of various governments of countries, many are yet to decide as they work out and understand the workings of the sphere where countries like India and Iran have stated to introduce various legislations relative to cryptocurrencies. 

It is expected of the governments to introduce many laws and regulatory frameworks to limit or facilitate the crypto markets where Central Bank Digital Currencies (CBDCs) could also play a huge role for the governments to include in their policies and decision making.