We may see more countries regulate or totally ban cryptocurrency if the trends outlined by a Library of Congress report continue into 2022.
Although 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning crypto has more than doubled since 2018.by the Library of Congress details the nine jurisdictions that have now applied an absolute ban on crypto and the 42 with an implicit ban. This is up from eight and 15 respectively in 2018 when the report was first published.
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.”
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