Algeria is about to ban Bitcoin and other Cryptocurrencies

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Algeria is about to ban Bitcoin and other Cryptocurrencies
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Algeria is about to ban Bitcoin’s use and possession, according to Algeria’s 2018 Finance Bill, which is currently under consideration by the People’s National Assembly.

“Bitcoin usage and ownership will be illegal in the country,”  2018 Finance Bill pointed out, stressing that “Any violation of this provision is punished in accordance with the laws and regulations in force.”

The bill refers to Bitcoin as a “so-called virtual currency” that can be used by Internet users, and describes it as “characterized by the absence of physical support such as coins, banknotes, payments by check or bank cards.” Of course, all of these are true and are part of what makes Bitcoin such a hot commodity in the financial industry at the moment. But the fact that there is no central regulatory body in charge of it makes certain countries wary of its use and existence. Algeria, apparently, is no exception.

“Algeria hopes to establish a stricter control over this kind of digital transactions,” the bill further explains, adding that it can be used for drug trafficking, tax evasion, and money laundering thanks to the guaranteed anonymity of its users. From the information that we have on it so far, it’s a clear measure to avoid any problems that could arise from the use of Bitcoin for illegal activities.

 

 

 

 

 

 

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