While cryptocurrencies are already accepted as a means of payment here and there, Algeria is now taking the opposite route. However, this is not a ban, for example, aimed at companies and the acceptance of Bitcoin & Co. prohibited. The North African Republic wants to impose a total ban on cryptocurrencies.
In the Budget Bill for 2018, the National People’s Assembly, the lower house of the Algerian Parliament, is considering blocking virtual currencies of transactions and even possessions. As a Maghreb business newspaper reports, both the use and the possession of cryptocurrencies should be punished. One reason for this drastic step is the government’s lack of physical support such as coins, banknotes, check payments or bank cards.
Control by prohibition In addition, Algeria officially argues that cryptocurrencies can be used for drug trafficking, tax evasion and money laundering due to users’ possible anonymity. This is how the document reads:
“Algeria hopes to establish stricter control over these types of digital transactions.”
In fact, cryptocurrencies are characterized by the lack of a central oversight authority. The idea of being unable to exercise any control or influence is unbearable for some governments and therefore motivates them to take public, verbal attacks or, as in the case of China, to ban them. Algeria is now trying to gain control by prohibition. The question remains how the government wants to enforce such a “crypto-prohibition” if the Algerians do not voluntarily betray their private keys.
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Categories: Crypto Currency