Algerian authorities officially banned the use, creation, exchange, and storage of any cryptocurrencies. The initiative aims to strengthen control over the national financial system and combat money laundering and terrorism financing.
The government of Algeria, a North African country, signed an official document prohibiting any use and interaction with crypto within the country. Law No. 25-10 was published in the government gazette and came into immediate effect.
According to the law, not only transactions with digital assets are banned, but also their issuance, mining, and the operation of crypto exchanges and e-wallets. Cryptocurrencies can’t be used as a means of payment, investment, or for any other purposes, whether personal, professional, or speculative. It’s forbidden to create or operate platforms for exchanging or storing digital assets, as well as to carry out any advertising or informational activities related to them.
Severe penalties are provided for violations, ranging from two months to one year imprisonment and fines from 200,000 to 1,000,000 Algerian dinars (~$1,540–$7,700). In some cases, imprisonment and fines may be applied simultaneously.
Algerian authorities held a strict stance on cryptocurrencies for several years. The first official ban was introduced in 2018 under the currency regulation law. However, the lack of specific enforcement mechanisms and penalties allowed a shadow market to persist. The current law fills this gap by officially establishing a complete ban and explicitly defining any crypto-related activity as criminal.
Algeria is among nine countries worldwide where cryptocurrencies are completely banned. For more on the most and least crypto-friendly countries, see the article by CP Media.
Сообщение Algeria Implements Full Ban on Cryptocurrencies появились сначала на CoinsPaid Media.
