What makes cryptocurrency ban in developing countries?

Many developing countries and under-developed countries have a very pessimistic perspective on cryptocurrency because they perceive it as a factor affecting  their current anti terrorism laws. Crypto currency particularly Bitcoin, for illustration, serves as a money laundering vehicle for terrorism in many countries including Pakistan. Countries that have chosen to ban it have similar views and positions.

Users have found the way out to make their identity anonymous and are keeping this currency. For example, they could use Tor browser to create their bitcoin wallets anonymously. Then, send the coin to a bitcoin tumbler like Onion Mixer -that’s only available on the deep web (anonymously)- to mix the coins and send them wherever they so desire, with no record or logs of it ever occurring.

Why Countries Say No to Bitcoin?

Because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering, many countries suspect its existence a threat. Many nations have tried to cut off any support from the banking and financial system essential for its trading and use.

Note that despite the bans and restrictions Cryptocurrency is still being used for trading and other purposes. Due to the nature of decentralized cryptocurrencies, it is simply impossible to ban them. Many individuals in those countries still make use of sites like Local Bitcoins, Paxful or Bisq to trade it with others, as indicated by the trading volumes on these platforms.
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