Algeria bans all cryptocurrency activities, violators will face imprisonment and fines

According to Cryptobriefing, Algeria has passed a revised bill officially banning all activities related to cryptocurrency, covering all aspects from holding and trading to mining and promotion. The Law No. 25-10 issued on July 24th explicitly prohibits the issuance, sale, purchase, holding, use, and promotion of all encrypted assets, including Bitcoin, USDT, etc. The bill also includes mining activities, using digital wallets, and operating cryptocurrency exchanges as criminal offenses. The bill aims to strengthen the financial system's prevention of crime and terrorism, align with international standards, implement the Financial Action Task Force guidelines, and address the widespread use of cryptocurrency among young people and off grid miners in the southern region. According to anti money laundering and counter-terrorism financing laws, the use of cryptocurrencies is classified as a financial crime, and encrypted assets are uniformly classified regardless of their purpose. Offenders will face imprisonment ranging from 2 months to 1 year, fines of 200000 to 1 million dinars, and more severe penalties if related to organized crime.