Algeria intensifies its stance against cryptocurrencies by introducing new stringent legislation aimed at prohibiting most operations with digital assets.
New Legislative Changes in Algeria
Recent amendments to the country's legislation focus on combating money laundering and impose harsh penalties for operations with digital assets. The updated law took effect on July 24 and has been described as a 'thunderbolt hitting cryptocurrencies' within the country.
Ban on Cryptocurrency Operations
According to the new version of the law, the issuance of virtual assets of all kinds, their purchase, sale or possession, use as a means of payment or investment, and promotion or advertising in any form is completely banned. Such stringent rules create a zero-tolerance policy towards cryptocurrency operations.
Risks for Algerian Citizens
Under the updated law, Algerians risk fines ranging from 200,000 to 1 million Algerian dinars (nearly $7,700) and prison sentences of up to one year. This poses risks for citizens and closes access to financial instruments that are popular in other countries.
The Algerian authorities continue to impose strict limitations on cryptocurrency use, creating unfavorable conditions for its proliferation within the country. The new measures reflect the government's desire to increase control over the financial system.
