BITCOIN

economic

Algeria wants to ban Bitcoin and other crypto-currencies

Algeria wants to ban cryptocurrencies. According to the 2018 Finance Bill, currently under consideration at the National People's Congress (NPC), virtual currencies like Bitcoin will be banned from transactions and even possession.

"The purchase, sale, use and holding of the so-called virtual currency is prohibited. The virtual currency is the one used by Internet users through the web. It is characterized by the absence of physical support such as coins, banknotes, payments by check or bank cards ", according to Article 113 of the PLF 2018 which states:" Any violation of this provision is punishable in accordance with the laws and regulations in force ".

In the explanatory memorandum, it is stated that through this measure, "Algeria hopes to establish a stricter control over this kind of digital transactions, which can be used for drug trafficking, tax evasion, and money laundering thanks to the guaranteed anonymity of its users ".

The document recalls that not being under the control of a recognized authority, the virtual currency escapes any regulation and control of the State. For the government, these currencies that have "long been the prerogative of illegal transactions (money laundering and illegal money transfer, drug trafficking, financing of terrorism, etc.)" tend to "get rid of their bad reputation in democratizing and attracting a wider audience. "Cryptocurrencies are now increasingly used for legal transactions and even our country is not immune to this phenomenon that can affect our security and our economy," says one.