Many countries have imposed restrictions or partial bans on the use of cryptocurrencies precisely due to the risk of money laundering. Here are several relevant examples:
1. China
Completely prohibited cryptocurrency transactions in 2021.
One of the main reasons was money laundering and capital flight.
2. India
There is no total ban, but the government has imposed very high taxes and strongly regulates crypto platforms.
There is serious concern about money laundering through crypto assets.
3. Russia
Allows the holding of cryptocurrencies but prohibits their use to pay for goods and services.
Money laundering and illicit financing are part of their regulatory arguments.
4. Turkey
Prohibited the use of cryptocurrencies as a means of payment in 2021.
They cited risks of illicit activities such as money laundering.
5. Nigeria
The Central Bank prohibited banks from facilitating cryptocurrency transactions.
One of the reasons was the increasing use in fraud and laundering.
6. Morocco
The use of cryptocurrencies is completely prohibited.
It was justified by risks of money laundering and terrorist financing.
7. Bolivia
Since 2014, the use of any currency not issued by the State is prohibited.
Money laundering was one of the main concerns.
8. Bangladesh
They consider the use of cryptocurrencies illegal.
They link it to criminal activities and money laundering.
In addition to these countries, the United States and the European Union have not banned cryptocurrencies, but have imposed strict regulations to combat laundering, such as requiring exchanges to implement strict identity controls and report suspicious transactions.
