The Algerian government has enacted a law that completely bans all cryptocurrency activities, including buying, selling, and using as payment.
Complete Prohibition on Digital Assets
The new legislation makes Algeria one of the most restrictive countries globally regarding digital assets. It targets every aspect of crypto—from mining to trading—to prevent its citizens from engaging in what it sees as a highly speculative and unregulated financial space.
Ban on Crypto Exchanges and Payments
Most notably, Algeria has criminalized the operation of crypto exchanges and the use of digital assets for payments. This means Algerians cannot legally use crypto to buy goods or services or even hold it as an investment.
Reasons and Consequences of the Ban
Authorities cite concerns over financial crime, money laundering, and the unregulated nature of the crypto market as key reasons behind the ban. While countries like El Salvador and the UAE embrace digital currencies, Algeria is taking a contrary approach—cutting off access entirely.
Thus, the new law in Algeria reinforces an anti-cryptocurrency stance that could isolate the country's economy from evolving global financial trends, reflecting a cautious approach to the volatility and risks associated with cryptocurrencies.
