The cryptocurrency ecosystem gained massive traction in 2021 in terms of market performance, although the industry, which just entered its teenage years, did not experience a boom when it comes to regulatory acceptance.
Even with Bitcoin becoming a legal tender in El Salvador, verifiable data from the Library of Congress (LoC) revealed that the total number of jurisdictions with an absolute ban on cryptocurrencies has doubled over the past three years.
The Library of Congress (LoC) report shows that as of November 2021, nine jurisdictions have applied an absolute ban on cryptocurrencies and 42 have applied an implicit ban. This is up from eight and 15 respectively in 2018 when the report was first released.
The nine jurisdictions with an absolute ban include Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China.
The LOC is the research library for the United States Senate, which acts as the national library for the country.
In the context of the LOC report, an absolute ban means any “transactions with or holding cryptocurrency is a criminal act”, whereas an implicit ban prohibits cryptocurrency exchanges, banks, and other financial institutions from “dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies.”