Algeria bans all cryptocurrency activity; offenders face jail time and fines

PANews reported on July 29th, according to Cryptobriefing, that Algeria has passed a revised bill officially banning all cryptocurrency-related activities, from holding and trading to mining and promotion. Bill No. 25-10, promulgated on July 24th, specifically prohibits the issuance, sale, purchase, holding, use, and promotion of all crypto assets, including Bitcoin and USDT. The bill also criminalizes mining, the use of digital wallets, and the operation of cryptocurrency exchanges.

The bill aims to strengthen the financial system's defenses against crime and terrorism, aligning it with international standards and implementing the Financial Action Task Force guidelines. It also addresses the growing popularity of cryptocurrencies among young people and off-grid miners in the south. Under anti-money laundering and counter-terrorist financing laws, the use of cryptocurrencies is classified as a financial crime, and crypto assets are uniformly categorized regardless of their intended use. Violators face imprisonment of two months to one year and fines of 200,000 to 1 million dinars. Penalties are even higher for crimes related to organized crime.