Many countries are concerned about cryptocurrency price volatility. In addition, many regulators in various countries do not believe in the decentralized cryptocurrency system and are considered a threat to the current monetary system. On the other hand, countries that prohibit cryptocurrencies also usually use the argument that crypto assets are used for illegal acts such as buying and selling drugs and money laundering. Some countries clearly prohibit cryptocurrencies, while others have implemented policies that prevent crypto assets from getting support from the banking and financial systems to be traded and used in those countries.

Here's one of the countries that ban cryptocurrencies:

China: Chinese regulators blatantly prohibit the trading of cryptocurrencies, one of which is bitcoin. Any banks and other financial institutions such as payment service providers are prohibited from engaging in any activity related to cryptocurrencies. In addition, cryptocurrency trading is also prohibited in China. The Chinese government has also in the past year been busy implementing a ban on bitcoin mining activities in its country.