Until now, more countries still apply strict regulation to cryptocurrency. Cryptocurrency is seen as a competitor to current financial system. Decentralization and anonymity still big problem to regulators. Legalization of cryptocurrency is still limited as digital asset. Cryptocurrency is as digital asset that can be traded legally but it is prohibited to be means payment.

Among the countries where the use of cryptocurrencies is legal are Australia, Brazil, France, Germany, Thailand and Turkey.

Among the countries where the use of cryptocurrencies is limited are China, India, Ecuador, Egypt, Morocco, Indonesia, Pakistan, and Zambia.

There are also a few countries in which cryptocurrencies are banned. All aspects of crypto assets are therefore prohibited and, in some cases, even punishable by law.   These countries include Algeria, Bangladesh, Bolivia, Macedonia, and Nepal.

Among the countries where the complete use of cryptocurrencies is unregulated are Trinidad and Tobago, Belgium, Hungary, Latvia and Kenya.

Crypto-friendly countries are Japan, Switzerland, Estonia, Singapore, Luxembourg, and Malta, as well as islands like Bermuda and the Cayman Islands.

https://cryptodaily.co.uk/2020/12/regulations-of-cryptocurrency-around-the-world

How cryptocurrency in 2021
There are more big companies join and create cryptocurrency projects. The influence of big capitalists can change the regulation. Government tend to play soft approach to big companies rather than decentralized communities.

In 2021, defi projects take a part in banking services like lending and borrowing. If the governments in the world do not respond to the growth of the tech, more people will be attracted to blockchain projects. When the crypto projects remain banned or controled strictly, the developer may remove their head office to crypto friendly countries.
Before ripple be ing accused of breaking the US law of selling unregistered ripple, the CEO warned US to relocate the head office of ripple out US.
https://elevenews.com/2020/12/05/garlinghouse-to-consider-moving-business-out-from-the-u-s/

Will Cryptocurrency be banned at all?

Governments can ban cryptocurrency transaction as illegal activities in the law but there will be more practice of using privacy coins that are undetected at all. Not traceable and not seen by public , the case will only lead to criminal activities and people will ignore more about KYC and AML. Some cryptocurrency developers have tried to comply their projects with KYC and AML. The good initiative of crypto developers shows that cryptocurrency is compliant to any rules in the world. The author's opinion here , cryptocurrency can not be banned. Everyone can mine and run nodes. As long as there are more people operate servers to run nodes and miners, cryptocurrency is impossible to be banned.

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