Why is Bitcoin not banned abroad (Why do countries prohibit Bitcoin)?
Why is Bitcoin not banned abroad? According to CCN, the Office of Foreign Asset
Why is Bitcoin not banned abroad? According to CCN, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury published a report in December of last year stating, “Virtual currencies are prohibited from conducting business within the United States under the Financial Action Task Force Act. These measures are taken to prevent illicit activities.” Although the legal status of Bitcoin has been recognized, different countries hold different opinions and perspectives on cryptocurrencies, hence they do not ban its use for foreign transactions. But why is Bitcoin not banned in foreign countries?
Why do countries prohibit Bitcoin?
According to CCN reports, there have been recent media reports on countries prohibiting Bitcoin transactions. Just a few days ago, a Canadian exchange announced that comprehensive regulation and investigation will be implemented for its users in the country. According to the US website “Business Insider,” Coinbase, a cryptocurrency exchange, has obtained permission to buy, sell, transfer, and store digital assets, but is still in negotiations with US authorities for approval.
According to official announcements, the government has issued notices requiring all relevant institutions to register and complete identity verification processes, as well as implement anti-money laundering measures (AML/CFT). If the application is approved, it will take immediate effect. Meanwhile, submission of relevant documents to the Financial Crimes Enforcement Network (FinCEN) is also required. This means that no individual or entity can use their legally held virtual tokens. Hence, they can evade these risks by providing funds to foreign investors.
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