These Countries Have the Strongest Bitcoin Restrictions

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Bitcoin has been dominating the headlines these days because of its price fluctuation

This virtual currency, which came into existence in 2008, has been welcomed by many countries including the U.S., Canada, and others. However, several major nations are still more than skeptical. 

Related: 4 Things You Don't Know About Bitcoin

India, the country which has the world's fifth-largest economy, has actually proposed a bill in Parliament to ban private cryptocurrencies like bitcoin and create its own digital currency. 

In the U.S., billionaires like Elon Musk are all-in for cryptocurrency with Tesla investing $1.5 billion in bitcoin, Indian billionaires, however, are urging the government to ban cryptocurrency.

Related: Tesla's Bitcoin Investment - Which Company is Next?

While speaking to CNBC, Indian billionaire Rakesh Jhunjhunwala, who is also considered as India's Warren Buffet, said that he would never buy bitcoin.

“I think regulators should step in and ban bitcoin,” he said. “And they should focus on the digital rupee.” 

Well, China, which has the world's second-largest economy, is also not a fan of bitcoin. Although the country bans bitcoin trading, it has started testing its own digital currency.

Vladimir Putin's country, Russia, doesn't allow bitcoin as a mode of payment. The country has even banned its public officials from owning any cryptocurrency.

Watch the video above to learn which other countries do not favor bitcoin.