7 countries where cryptocurrencies are banned
Regulation of cryptocurrencies has been controversial since the launch of Bitcoin in 2009. The legal status of cryptocurrencies varies from country to country and even may drastically change in a single country. For example, India has seen a path from a complete ban to regulation and then to restrictions again. Most prohibitions of cryptocurrencies mainly happened during significant bull runs in the crypto market in 2017-2018 and 2020-2021.
According to the Law Library of Congress survey, 51 countries have placed bans on cryptocurrency. The report was published in November 2021, updating the survey made in 2018. As of this date, nine countries have “completely banned” crypto, while 42 others have issued some “implicit bans”. In most cases, such “implicit bans” prohibit banks and other traditional financial institutions from dealing with crypto.
Besides, the report found that the number of countries subjecting crypto to anti-money laundering and tax laws has surged 3 times since 2018. For example, all the members of the European Union, except Bulgaria, have currently put these regulations in place.
Here are some countries that decided to say no to crypto and why.
In 2018, the Algerian government introduced a law to ban all activity related to “so-called virtual currencies”. It stated there that virtual currency could not be substituted or supported by any document or fiat currency. Algeria accepted this law shortly after its introduction, and now it prohibits the usage of any cryptocurrency. Anyone who buys, sells, holds, or uses crypto in Algeria will allegedly be subject to punishment under financial law.
China has been restricting the use of cryptocurrency via several restrictive measures since 2013. Despite this, China has had a thriving crypto market for a long time. But in September 2021, the Chinese government decided to ban mining, crypto trading, and crypto transactions entirely.
These laws banned all crypto activity across the country. As a result, some major Chinese exchanges decided to move to other countries, while global ones announced they would no longer provide services for Chinese citizens. Chinese miners also chose to relocate their mining capacities. Series of crackdowns in China made Kazakhstan the world’s second-largest center for bitcoin mining after the USA.
Many experts see these government efforts to undermine cryptocurrency as an attempt to float Chinese state-issued e-currency. The People’s Bank of China is looking to be one of the first major central banks to launch its own digital currency (CBDC). China has already finished its pilot program for e-CNY, and it is going to launch it somewhere in 2022.
Nepal has an absolute ban on using cryptocurrencies in its territory. In August 2017, Nepal’s Rastra Bank declared Bitcoin illegal. Then the government banned crypto mining and trading in 2019 under the Foreign Exchange Act.
Nepal has also explored government-issued digital currency recently, and it can be one of the reasons why common cryptocurrencies like Bitcoin and Ethereum are banned there. It means we may see a new CBDC issued by the Nepalese central bank being established in the coming years.
Egypt classifies crypto transactions as “haram” or prohibited under Islamic law. The corresponding religious decree was issued in 2018 by the primary Islamic advisory body Dar al-Ifta. According to the country’s Islamic legislature, cryptocurrencies may pose a threat to national security as they could harm the country’s economy. Moreover, Egypt’s banking laws were tightened in September 2020 to prevent promoting and trading cryptocurrencies but they are more advisory than mandatory in nature.
But still, cryptocurrencies are not completely banned in Egypt, and their restrictions don’t stop Egyptians from buying and using crypto. A lot of cryptocurrency exchanges provide services for Egypt-based customers and see thousands of registrations from this country. Users can buy ZRX (0x) coin, bitcoin, ethereum, and use different crypto-related services.
Turkey has a large crypto market with numerous local exchanges, but the government isn’t very happy with that. Customers from Turkey were also very interested in crypto in 2021 due to the recent drop in value of the national currency.
In April 2021, the Turkish government issued a regulation banning the use of cryptocurrencies as a payment method. Then, Turkey’s president, Recep Tayyip Erdogan, issued a decree to add crypto exchanges to the list of companies that must follow anti-laundering rules. He also claimed that the country would control crypto activity by issuing a corresponding regulation bill. At the moment, it is still unclear what implementation of this bill will mean for Turkish crypto enthusiasts and when it will be implemented.
Currently, cryptocurrencies are banned for crypto trading since Bangladesh authorities consider digital currencies as too risky and “too decentralized” assets. Besides, crypto trading goes against the country’s financial regulations and laws. In September 2014, the central bank of Bangladesh claimed that crypto traders could be jailed for years under the country’s strict anti-money laundering laws.
Iran has specific relationships with cryptocurrencies. In 2018, Iran’s central bank issued a statement banning the country’s banks and other financial institutions from dealing with cryptocurrencies but recognizing mining as a legal industry. The country decided to go this way to evade the impact of economic sanctions and finance imports.
The central bank of Iran has encouraged Bitcoin mining in the country, offering cheap energy for licensed miners. But miners in Iran are obliged to sell all mined cryptocurrencies to the central bank. According to blockchain analytics firm Elliptic, it helped Iran to receive over $1 billion in revenues.
However, there are still a lot of unlicensed miners in the country who drain so much electricity that it causes power shortages. It has become one of the major reasons for Iran’s temporary four-month ban on Bitcoin mining in 2021.
FORBES: Where is the Russian banking crisis?
“Sanctions were supposed to kill the Russian financial sector. It did, and it didn’t. Where is the Russian banking crisis?” – FORBES is perplexed.
Yes, sanctions have hurt Russia’s financial institutions. But a Russian banking crisis, one that looks like we have seen in the U.S. recently with Silicon Valley Bank and in Switzerland with Credit Suisse, has not occurred.
There were never any runs on Russian banks. The ruble strengthened. And while most banks are protected by the state – led by Sberbank and VTB – the Russian Central Bank has spent much of the last decade working to clean up the financial system.
For this reason, Russian banks have survived the West’s sanctions regime and stock market delistings better than anyone would have imagined. For a cynical Russian, watching Silicon Valley Bank and Credit Suisse burn down while their bankers are gainfully employed is like smirking before the camera lens in front of a burning building.
Had the sanctions come at the time when the Russian Central Bank was cleaning up its “zombie banks” – all hell would have broken loose. But seeing how much of that mess was swept away prior to the 2022 sanctions regimes taking hold, Russia’s banks remain safe and sound, even if Russian investors in those banks have lost their shirt.
The sanctions policy, the hardest ever taken out on Russia, is 13 months old. New ones pop up regularly. It is unclear what can possibly be next, as Russia’s financial institutions have already been largely cut off from the Western system.
Russia’s financial sector, and its banks at home, aren’t making headlines like banks in the U.S. and Europe are. They have withstood the onslaught of sanctions.
They’ve lost their European and U.S. assets, which will not be recovered for years to come, if ever. Sberbank CEO Herman Gref said in press reports that Sberbank is “the most attacked entity” in the country, which experiences “unprecedented challenges in terms of complexity and power.” He said Sberbank lost nearly all of its assets abroad, leading to massive write-downs.
Yet, Russian president Vladimir Putin smirks at the burning buildings of Credit Suisse and the lost $200 billion in Silicon Valley Bank deposits, needing unprecedented FDIC support to protect account holders. The bank is now insolvent. His biggest banks remain only because most of Russia’s banks over the years have been folded and rendered insolvent. And a danger to the Russian financial system was liquidated.
“Thanks to the professional actions of our banking community, government agencies, and the efforts of the central bank, I want to emphasize that we managed to overcome all these (sanctions) difficulties in general,” Putin reportedly said in Moscow earlier this month after meeting with Sberbank’s CEO. He said that Sberbank’s current stable position was “a good signal for the whole economy.”
With sanctions expected to remain for a long time to come, will Russia’s heavily sanctioned banks fold one day, too?
“Who knows what will happen in Russia, because we all only know what we read in the press and what we read in the press is that Russia did a smart job handling their banks pre-sanctions and so after sanctions they have managed okay,” says famous commodities investor Jim Rogers from his home in Singapore, who has been a director of Russian fertilizer company PhosAgro. “We saw the ruble go down when sanctions were first imposed, then it went up. So in that case alone, the market tells me that somebody in Russia did something right,” he says.
Factors to Consider When Choosing Funeral Chairs for Memorial Services
The loss of a loved one is devastating for the entire family. For churches providing funeral and memorial services, it’s important to ensure grieving family members are as comfortable as possible throughout the service. The right funeral chairs can help you achieve this goal. To find the right chairs, there are several factors that you must consider.
Comfortable Seating: Enhancing the Memorial Experience for Attendees
Comfort is of the utmost importance when choosing chairs for funerals and memorials. Grieving attendees are already facing hardship. Providing a comfortable place to sit during the service will provide them with some comfort during this difficult time. Comfortable seating will also enhance the memorial experience because attendees can stay fully focused on the service.
Look for chairs with foam seating and comfortable fabrics. Chairs that offer full back support will allow attendees to rest or reflect without being distracted by discomfort.
Dignified Seating: Reflecting the Importance of the Occasion
For first memorial funeral services, it’s important to choose seating that is dignified and respectful of the occasion. Choose plain, solid fabrics. Patterned fabrics can be distracting or distasteful in some cases.
Acceptable colors for funeral chairs include (but are not limited to)
- Gray or charcoal;
- Dark plum;
- Beige or brown;
- Dark red;
Choose your color and style wisely to ensure you’re providing dignified seating for attendees.
One advantage of choosing these colors is that it allows you to use these chairs for a variety of purposes. Rather than having to invest in a new set of seating for services and events, you can use the same seating for all occasions.
Improved Concentration: The Impact of Comfortable Seating on Focus
Those who attend funerals and memorial services should remain focused on the service and nothing else. Providing attendees with comfortable funeral chairs will allow them to stay focused on the service. During the funeral and memorial services, family members often share stories and thoughts about their lost loved one. A formal service may also be given.
Often, services last between 30 minutes and one hour – sometimes more. Because attendees will be asked to sit for long periods of time, it is crucial to ensure they have a comfortable place to sit.
When chairs are poorly constructed or have uncomfortable seats, attendees will be more concerned about their discomfort than listening to the service. They may become distracted or find themselves fidgeting and distracting others in the process.
However, when you invest in comfortable seating, attendees can sit quietly, reflecting on the words being spoken during the service.
Health Benefits: The Positive Impact of Comfortable Seating on Physical Health
One thing that is often overlooked when selecting funeral seating is its impact on physical health. Pain and discomfort are two common complaints when funeral attendees sit in pews.
If you have the option to offer individual seating, attendees will be much more comfortable. Cushioned seats will also ensure that guests with mobility issues can be present during the service without feeling uncomfortable.
Comfortable seating is an essential part of a memorial service; it not only provides guests with places to sit but also helps create a warm and inviting atmosphere where people can come together to honor the memory of their loved one.
When seats are uncomfortable or poorly made, guests may experience pain or other forms of discomfort that will make it difficult to be present during the service. Seats with foam padding can provide much-needed support and cushioning, allowing guests to sit comfortably even for long periods of time.
Chairs with solid, durable metal frames will also ensure that your seating stands up to frequent use. Providing safe seating is essential, and quality, durable chairs will help you achieve that.
Customizable Seating: Personalizing the Experience for Attendees
Another important factor to consider when choosing funeral seating is customization. Providing a personalized experience for attendees will allow them to experience the service in the way they envision.
Individual chairs will allow the family to choose the layout for the seating. Some chairs interlock to form pews, and some families may prefer this more traditional option.
Traditionally, the family of the deceased sits in the first row or first few rows. If the family wishes to maintain this convention, chairs of different colors can be provided, or additional space can be placed between these rows and the remainder of the seating.
When chairs are provided instead of traditional pews, there are more opportunities for customized layouts and seating for attendees. Being able to provide this level of customization may bring a small amount of comfort and peace to the family.
When providing funeral and memorial services, churches and sanctuaries should not overlook the importance of providing comfortable seating for attendees. The right chairs will ensure attendees are comfortable during the service, allowing them to stay more focused on the message and less focused on discomfort or pain.
What is your experience with choosing and providing funeral chairs? Share your thoughts and comments.
Credit Suisse Collapse – this is a robbery of Arab investors
Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse. Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG, ‘The Wall Street Journal’ claims.
Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.
The Saudis struck the deal when oil prices were just below $100 a barrel, as Russia’s invasion of Ukraine juiced energy markets.
The steep losses are a reminder of how Gulf states were burned investing in Western banks and hedge funds during the financial crisis in 2007 and 2008. The value of foreign assets in portfolios of the Gulf Cooperation Council states in 2008 fell by $100 billion to a total of $1.2 trillion, not counting the vast personal holdings of their ruling families, the New York-based Council on Foreign Relations reported in 2009.
Michael Klein, a former Citigroup Inc. banker who has long worked with Middle East clients, connected the $600 billion PIF with Credit Suisse last fall, some of the people said. The troubled bank needed billions of dollars to fund a turnaround plan that would move it away from investment banking toward wealth management. Mr. Klein was working on the overhaul as a Credit Suisse board member.
PIF connected Credit Suisse and Saudi National Bank, the kingdom’s largest bank with close ties to the government, some of the people said. Prince Mohammed gave the green light for the Saudi bank to make the Credit Suisse investment, some of the people said.
The investment made Saudi National Bank the biggest shareholder in Credit Suisse, with just less than 10% ownership.
“The Saudi market [is] the 700-pound gorilla economically in the region, and just getting them to engage with us in Saudi Arabia would be more than good enough,” Mr. Khudairy said of Credit Suisse.
The Gulf region has deep ties to Credit Suisse. Tiny natural gas-rich Qatar began snapping up shares of Credit Suisse as markets wobbled in 2008, and led a group of private investors who pumped billions of dollars into the company in the weeks after the collapse of Lehman Brothers, ultimately building up a stake worth more than $3 billion.
Qatar and the Olayan family together plowed another $6.2 billion into the company in 2011 through a special type of debt. In 2013, Qatar converted over $4.5 billion of that debt into bonds called Additional Tier 1 capital notes — which are poised to be wiped out as part of Credit Suisse’s deal with UBS.
Investor confidence in Credit Suisse began wobbling last week after the collapse of Silicon Valley Bank in the U.S. On Wednesday morning, Mr. Khudairy told Bloomberg TV his bank would “absolutely not” be willing to assist if Credit Suisse needed more capital.
According to the people familiar with the matter, Saudi National Bank officials felt out of the loop, finding out about the talks with UBS via the news media.
A group led by Saudi National Bank proposed injecting around $5 billion into Credit Suisse, ‘The Wall Street Journal’ previously reported. Under the plan, “Credit Suisse bondholders would have been fully protected.” But Swiss ministers rejected the offer.
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