While 2021 might be the year of mass crypto adoption, we’ve seen a few countries announce their plans to ban crypto transactions altogether. India was the first country to make such an announcement, with Turkey following suit a bit later in the year. Just recently, Chinese financial regulators have doubled down on their commitment to keep Bitcoin and other cryptos banned. And there are other countries that could end up banning crypto in 2021 as well.
Why? Well, there are a few reasons. The one most frequently cited by regulators is that crypto is just too volatile, and investors could lose a lot of money. However, a lot of crypto proponents think the real reason is that governments can’t control cryptocurrencies as easily as their own fiat currency.
One country that could ban all forms of crypto trading is Russia—it does have a history of outlawing cryptocurrencies, after all. While the Kremlin has now made it legal to trade cryptocurrencies in Russia, you can’t use crypto as a way to buy or sell goods and services there.