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There are other countries that ban cryptocurrencies.
According to a report from the Law Library of Congress, another 50 countries have placed bans on the digital currency. The publication was first reported by Decrypt.
The number of countries banning the digital currency has increased since the research first came out, according to the November report.
Nine countries have an absolute ban, which makes it illegal, and 42 have an implicit ban, which prevents financial institutions from dealing with it. The current total is more than double the number of countries from last year when just eight had an absolute ban and 15 had an implicit ban.
According to the report, Algeria, Bangladesh, China, Egypt, Iraq, Nepal, Qatar, and Tunisia are some of the countries that have banned it. China, the world's second largest economy, had a big impact on the markets.
The price of cryptocurrencies plummeted in June after the country cracked down on financial institutions and mining. Experts said the ban was already priced in for the virtual currency.
Tim Frost, CEO of Yield App, told Insider that there's no shortage of other countries embracing the digital asset.
The market has ballooned to more than $2.5 trillion this year, and briefly surpassed $3 trillion this quarter. The report found that with the growth of the world, more countries are bringing in the tax regime of digital currency, as well as laws meant to counter money laundering and the financing of terrorism.
The United States is still grappling with how to regulate the market, with both tax law and anti-money laundering laws in place.
Business Insider has an original article.
