CURRENT AFFAIRS

Detailed explanation-1: -China. China’s central bank said in Sep 2021 that crypto-currency transactions are illegal and banned.

Detailed explanation-2: -According to the U.S. Library of Congress, as of November 2021, a total of nine countries have banned cryptocurrency completely. These countries are Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia.

Detailed explanation-3: -El Salvador. The first entry among countries using cryptocurrency would be El Salvador. It is the first country in the world which adopt Bitcoin as a legal tender. The Central American nation set a favorable precedent for all businesses in the country to accept Bitcoin payments.

Detailed explanation-4: -The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in 2014.

Detailed explanation-5: -The final reason that banks block you from buying cryptocurrencies is because they do not want to bother to put in processes to safeguard against bad actors, deal with potential scams, or take on unnecessary risks, as they do not see it as being a financially beneficial sector for them to deal with.