The emergence of digital currencies poses a major dilemma for the guardians of economies across the globe. While some countries have taken a liking to the newcomers, others remain cautious or opted to ban them outright.
Bitcoin was born nearly nine years ago as something brand new for both the world of payment systems and the world of marketplace trading. Since then, hundreds of virtual currencies have emerged, and dozens of cryptocurrency exchanges opened their doors for those willing to join the frenzy.
The countries, where bitcoin settled or tried to settle, can be roughly divided into three groups. The first group, which covers 50 countries, introduced different forms of control over the cryptocurrency market. Digital currencies there are officially acknowledged either as a product, a payment system, or a financial asset. The group includes the US, the EU, Australia, Mexico, Canada, Argentina, Venezuela, South Africa, Saudi Arabia, India, Iran, the UK, Iceland, Belarus, Hong Kong, Taiwan, Georgia, Israel, Kenya, Malaysia, New Zealand, Norway, Senegal, Singapore, Tunisia, Turkey, Philippines, Switzerland, South Korea and Japan.
In the second group, there are countries wary of bitcoin and the entire crypto craze, but their governments do not prosecute citizens for mining, trading or using digital currencies. Most of these states are currently working on the ways to tackle the new phenomena.
The third category is the no-go group - representing countries where virtual currencies and all the operations linked to them are prohibited. Bitcoin has got a great deal of work ahead to melt their hearts.
The following is an overview of how countries that banned cryptocurrencies are approaching the issue: