- Algeria has broadened its ban on cryptocurrencies to cover all related activities.
- The law was enacted on July 24, expanding previous restrictions from 2018.
- The new rules prohibit trading, holding, mining, issuing, and promoting cryptocurrencies.
- Violators can face jail time of two to twelve months and fines between $1,500 and $7,700.
- Experts say such bans are difficult to enforce and may push crypto activity underground.
The government of Algeria has expanded its regulation of digital assets by enacting a new law on July 24 that bans all crypto-related activities. The updated law now makes it illegal to trade, own, mine, issue, or promote cryptocurrencies in the country.
This legislation updates the 2018 Financial Law, which had already banned the use and exchange of cryptocurrencies but did not include mining. The new regulation also acts as an amendment to the 2005 law on Preventing Money Laundering and Financing Terrorism. Penalties for breaking the law include jail sentences ranging from two to twelve months and fines between $1,500 and $7,700. More severe offenses involving financial crime may result in longer jail time and higher penalties, depending on the case.
The law covers not just users and traders but also anyone involved in activities such as issuing cryptocurrencies or offering trading services. According to the government, the expanded ban aims to combat illegal financial activity.
Despite the ban, experts say that blanket restrictions tend to be challenging to enforce. Matthias Bauer-Langgartner from Chainalysis said in a statement to Decrypt that strong bans rarely stop crypto adoption. He noted that Algeria ranks sixth in the Middle East and North Africa for cryptocurrency value received, citing the FATF’s June update for support.
Experts add that bans can drive crypto activity underground, making it harder for authorities to monitor. Ari Redbord of TRM Labs explained, “It’s incredibly difficult for any single jurisdiction to fully enforce a ban when transactions can move instantly across borders and platforms.” He suggested that regulation and transparency would better help law enforcement and consumer protection than outright bans.
While most countries are moving toward more open regulation of cryptocurrencies, Algeria‘s approach stands in contrast. Even China has recently adjusted its policy, signaling a more flexible attitude. Nevertheless, Algeria maintains its position as one of the few nations with a strict, nationwide ban on all forms of cryptocurrency activity.
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