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A cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency.Since the release of bitcoin, other cryptocurrencies have been created.
However, the CBN recently banned the use of cryptocurrency as they consider it illegal, according to them the cryptocurrencies do not have real values and cannot be trusted to generate returns on investment.
And some countries on the other hand , still consider it as a legal means of exchange.
A report by The Nation outlines lists of countries that have banned cryptocurrency and those who still consider it legal.
Nations that considers the practice illegal:
1. China
2. Bolivia
3. Morocco
4. Ecuador
5. Iran
6. Bangladesh
7. Nepal
8. Afghanistan
9. Pakistan
10. Algeria
11. Egypt
12. The Republic of Macedonia
13. Qatar
14. Vanuatu
15. Vietnam
16. Saudi Arabia
17. Taiwan
18. Indonesia
19. Colombia
20. Cambodia
21. Nigeria
List of countries that still permit cryptocurrency by their citizens:
1. Australia
2. Canada
3. Japan
4. Gibraltar
5. Malta
6. Ukraine
7. Switzerland
8. The Netherlands
9. Lithuania
10. Estonia
11. The United Kingdom
12. Germany
13. Bermuda
14. Slovenia
15. Singapore
16. Georgia
17. Belarus
18. Hong Kong
Read here to know about CBN take on the ban of crypto currency.
https://blackboxnigeria.com/cryptocurrencies-breed-illegal-activities-raise-risks-cbn/
