Iceland
In 2014, the Central Bank of Iceland declared that it is illegal to conduct foreign currency trades with electronic currencies like Bitcoin. The Icelandic Foreign Exchange Act also states that Icelandic currency is not allowed to be used outside of the country. Crypto currencies are still being used within the country, including the Icelandic Auroracoin.
Bangladesh
The Central Bank of Bangladesh claims that Bitcoin is not legal tender and using Bitcoin as a currency is a punishable offense. Since crypto currencies lack central payment systems, the government fears that the consumers are vulnerable to scams and theft. If you are caught using Bitcoin in Bangladesh, you may face up to twelve years in prison.
Bolivia
El Banco Central de Bolivia stated that “It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.” The government also has an official list of banned currencies that includes Bitcoin, Feathercoin, Peercoin and Namecoin.
Ecuador
In the year 2000, Ecuador ditched their own currency to use the USD. In 2015, the government started the Ecuador's Sistema de Dinero Electrónico, which is their own form of cryptocurrency. Since the government does not want competition, they have banned Bitcoins.
Vietnam
The currency was banned in 2014 due to the ease of money laundering by criminals and scam artists. The ban is only in place for credit institutions but personal usage is still legal.
