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Algerian authorities have formally prohibited the use, creation, exchange, and storage of all cryptocurrencies. This measure is intended to enhance oversight of the national financial system and to address issues related to money laundering and the financing of terrorism.
The Algerian government, located in North Africa, has enacted an official decree that forbids any engagement with cryptocurrencies within its borders. Law No. 25-10 was published in the government gazette and took effect immediately.
This legislation prohibits not only transactions involving digital assets but also their issuance, mining, and the functioning of cryptocurrency exchanges and electronic wallets. Cryptocurrencies are not permitted to be utilized as a method of payment, investment, or for any other purposes, whether personal, professional, or speculative. The creation or operation of platforms for the exchange or storage of digital assets is banned, along with any advertising or informational activities associated with them.
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Severe penalties are stipulated for violations, which can include imprisonment for a duration of two months to one year and fines ranging from 200,000 to 1,000,000 Algerian dinars (~$1,540–$7,700). In certain instances, both imprisonment and fines may be imposed concurrently.
For several years, Algerian authorities have maintained a stringent position on cryptocurrencies. The initial official prohibition was established in 2018 under the currency regulation law. However, the absence of specific enforcement mechanisms and penalties allowed a shadow market to thrive. The current legislation addresses this issue by formally instituting a total ban and clearly categorizing any crypto-related activities as criminal offenses.
Algeria is one of nine nations globally where cryptocurrencies are entirely banned. For additional information on the most and least crypto-friendly countries, refer to the article by CP Media.
Сообщение Algeria Implements Full Ban on Cryptocurrencies появились сначала на CoinsPaid Media.
