China first moved in 2013 to limit its banks from using Bitcoin or any sort of cryptocurrency as currency, citing concerns its inherently speculative nature threatens the country's financial stability .
Russia, though they're going to not be allowed to be utilized in exchange for any goods or services. Banks are going to be allowed to open up cryptocurrency exchanges under the supervision of the financial institution . Vietnamese law doesn't mention cryptocurrencies as a legal means of payment, and neither does it recognize them as an asset or a far off currency. ... Therefore, using, supplying, and issuing cryptocurrencies in Vietnam is susceptible to fines and imprisonment. Nigeria features a total ban on cryptocurrency whether as means of payment or any sort of transaction. actually any checking account that involves in crypto transaction are going to be closed. They believed the market is just too volatile to affect . Bolivia's financial institution banned any decentralized cryptocurrencies in 2014. It made provisions to permit those created by the govt , however. This ruling was put in situ to guard the national currency and protect investors.
Colombia’s restrictive legal environment towards virtual currencies suggests it's challenging to work a cryptocurrency business within the country. The Financial Superintendence of Colombia (SFC) has virtually prohibited banks from providing financial services to cryptocurrency companies. Consequently, cryptocurrency firms in Colombia might not utilize banking institutions. According to a press release issued by the Central Ecuador's financial institution on January 8, 2018, issued a press release that the utilization of cryptocurrencies isn't authorized to be used as a payment method within the country, thanks to their position that cryptocurrencies "sustain their value on speculation".