Last year after banning crypto big headlines were made by China, but this type of news was rare with respect to other countries that have banned sometimes crypto.
Iraq, Morocco, Egypt, Qatar, Algeria, Oman, Tunisia, China, and Bangladesh have all banned cryptocurrencies now. forty countries have slightly put restrictions on the flexibility for banks to deal with crypto, or prohibiting crypto platforms.
The number of countries which banned or put restrictions against crypto is more than doubled since 2018.
Governments are saying that crypto caused the use of funnel money to sources illegally. They also stated that the rise of these currencies can lower the value of their actual physical currency affecting their financial system. However, some sensible countries are not looking forward to banning crypto or putting restrictions on it but, they are thinking about how to regulate this currency such as the United States, El Salvador(bitcoin is their currency now), etc.
Last year in China, after baning they do so much in various phases. At first, they restricted financial institutions in May from connecting with crypto transactions. Despite being a leader in the mining of crypto, in june they banned crypto mining like Iran. They argued that mining was affecting the environment and as usual they also stated that people were using crypto for fraud and money laundering. The reason behind all these actions is that they launched their own digital currency known as Yuan, and are trying to regulate it widely to their public.