The least crypto-friendly countries: These destinations have outright banned crypto or do not support crypto in public places like cafes, restaurants and shops.
If you want to drop some big spends using your fave crypto while abroad, perhaps give these places a swerve.
In a new study by Fast Private Jet, the places of the world that say MEH to accepting digital currency are as follows.
China and Qatar Ban Cryptocurrency
Many countries are edging toward mass adoption. However, there are some countries that are going the other way. Some have set down some very strict regulations or have outright banned crypto. This makes it hard for enthusiasts and businesses to join the crypto revolution.
China is the most famous crypto banner. This ban now covers financial institutions and domestic use. However, the country launched a government-approved digital currency, the digital Yuan. The jury is still out on how it’s going.
Some other crypto-avoider countries include Oman, Egypt, Qatar, Algeria, Iraq, Morocco, Tunisia and Bangladesh. They have all banned crypto for varying reasons. 42 other countries, including Algeria, Bahrain, and Bolivia, have restricted the ability for banks to handle digital currencies.
The least crypto-friendly countries: Lack of Crypto ATMs
There are countries around the world with low access to crypto ATMs. Around 152,077 people in the United Arab Emirates (UAE) hold crypto. But the UAE only has one crypto cash machine – and that’s in Dubai.
However, crypto use is on the rise in this part of the word, so that could change fast. Cryptos are not licensed by the UAE Central Bank. But, several crypto exchanges have been given the go-ahead in the financial free zones.
Other countries are also low on the crypto ATM score
Rank Countries with lowest crypto ATMs
1 United Arab Emirates
2 Uganda
3 Venezuela
4 Japan
5 Saudi Arabia
6 Ecuador
7 Armenia
8 Aruba
9 Barbados
10 Botswana
The least crypto-friendly countries in Europe
In Europe, there are many countries that are fully embracing crypto, such as Slovenia. But strangely, there are also pockets of resistance.
Malta has been deemed the least crypto-friendly country in Europe.
Rank Country City
1 Malta
2 North Macedonia
3 Albania
4 Bosnia and Herzegovina
5 Moldova
6 Luxembourg
7 Serbia
8 Montenegro
9 Monaco
10 Liechtenstein
Malta has no regulations around cryptocurrency, but there are also no restrictions to the exchange, mining, trading and investing of Bitcoin. But the tiny island country is far behind its European neighbours. According to Coinmap, Valletta, the capital, does not have anywhere for tourists to spend their cryptocurrency.
Says a Fast Private Jet representative, “Other cities with surprisingly few places to spend crypto include Luxembourg and Monaco. These destinations are sought-after luxury holiday destinations – with Luxembourg being the wealthiest nation in Europe and Monaco known to be a favorite destination of the rich and famous. Due to the audience these destinations attract, we expect to see more crypto-friendly spots appear in these metropolises in the near future.”
Got something to say about the least crypto friendly countries or anything else? Write to us or join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
Disclaimer
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
