Cryptowisser is one of the leading and most reputable online websites involved in comparing services relating to crypto. It has recently conducted a thorough study of what was going in China against China’s own crypto industry. The website wanted to know about why such change has occurred in China. In addition, it wanted to know why China’s actions against crypto have been replicated by other states which are banning crypto usage also.
It has been duly noticed by Cryptowisser that there are more than 15 states in which the usage of crypto has been partially or completely banned. However, there are other states as well where crypto is outrighly regarded as “illegal” as well. Resultantly, the public living in these countries, cannot benefit from the virtual assets. For example, in the Asian region, Bangladesh is one of the countries which has declared crypto as “illegal”. Nobody in the country can own, trade or deal with cryptocurrencies as well as assets. However, surprisingly, Cryptowisser notes that more than 2% Bangladeshi population are owners of virtual currencies. This is perhaps because of the black market. Alternatively, Bangladeshis might be using cryptocurrencies with offshore partners without the knowledge of their government.
Similarly, there are crypto exchanges such as Pancakeswap. This crypto exchange platform is popular amongst those crypto lovers who are from countries where crypto is either illegal or banned. The platform offers crypto services to everyone irrespective of anyone’s nationality. It also renders services to its customers in hiding their crypto finances from their respective governments.
Then there are countries like Russia and Turkey where crypto usage is not banned. However, both of these countries employ policies such as banning certain usage of cryptocurrencies. For example, there have been restrictions that a person can own cryptocurrencies but they cannot use them for making payments locally. Similarly, Bahrain is one of those countries, where a crypto user is required to obtain a license from the relevant authority. Without the license, no one can own any cryptocurrencies and if someone does then his/her cryptocurrencies are seized.
The next in line are the developing countries where crypto usage is growing with rapid pace. For example in Philippines, it has been noticed by Cryptowisser that 20% of the population has interacted with virtual assets. Similarly in Vietnam too, Vietnamese exposure to virtual assets is very much the same average as that of the Philippines.
The fact of the matter is that the usage may or may not be banned or illegal in certain states. However, the important thing to note is that crypto usage is becoming a normal thing globally. Above all, crypto has drawn the attention of the general public, and investors and states are for the people eventually.