[2017-10-27] Algerian Government Eyes Total Ban on Cryptocurrencies

[CryptoLD]

The government of Algeria appears to be moving towards a total ban of Bitcoin and other digital currencies in the country. The government is reportedly considering the prohibition of the use, as well as possession of the virtual currencies and not just a ban on their acceptance as a form of payment.

Based on a report by local paper Maghreb Emergent, the National People’s Congress (NPC) is currently tackling the 2018 Finance Bill that will declare the usage and ownership of the leading cryptocurrency Bitcoin as illegal in the country.

Part of the bill reads:

    “Any violation of this provision is punished in accordance with the laws and regulations in force.”

Other key provisions of the bill

Based on the wordings of the bill, the government intends to establish tougher control on the use of cryptocurrencies in digital transactions. The bill also claims that the digital currencies may be used in such illegal activities as drug trafficking, money laundering and tax evasion due to the guaranteed anonymity of its users during a transaction.

The bill defines Bitcoin as a “so-called virtual currency” that can be utilized by Internet users. It further states that the number one digital currency is characterized by the absence of physical support like banknotes, coins, bank cards or payments by check. These features of Bitcoin and other cryptocurrencies are the clear reasons why some countries like Algeria are showing grave concerns on their use and existence.
Other countries’ actions on cryptocurrencies

Algeria is just one of the countries that are trying to take action on the use and proliferation of digital currencies. In Indonesia, the government has announced that it will not recognize Bitcoin as a legal form of currency. Because of this, a couple of major Bitcoin payment platforms in the country have decided to voluntarily stop their operations potentially similar to what happened to halted cryptocurrency exchanges in Indonesia.


Source : https://cointelegraph.com/news/algerian-government-eyes-total-ban-on-cryptocurrencies

[marckenigsberg]

Another country that stands to benefit from bitcoin choosing to operate out of fear instead of foresight.
Instead of vilifying the new not understood technology try embrace it and help  yourselves

[TravelMug]

Another country that stands to benefit from bitcoin choosing to operate out of fear instead of foresight.
Instead of vilifying the new not understood technology try embrace it and help  yourselves

I guess they are really afraid of what bitcoin can do, specially the negative aspects of it. They should understand that bitcoin is not designed by Satoshi for illegal used, criminals just exploit bitcoin/blockchain technology. They should at least explore the good and positive things that bitcoin can bring to their economy and their citizens. They they shuns bitcoin and thought of all the negatives things that has been throw to it and make it the same reason that other countries are closing their door on it. But I'm sure that they will be localbitcoins in Algeria that will continue to do their operations, because it they think that banning will stop their citizens from continuing holding bitcoin, then they are wrong.

[Karakyli]

In my opinion, this could be the third country where it is possible to completely prohibit the crypto currency. Since such a decision is made in connection with the fact that the crypto currency can be used in the commission of crimes and the laundering of money obtained by criminal means, it is also necessary to prohibit the dollar and also the local currency, as they can be used and have long been used for the same criminal purposes . The decision is absolutely not logical and we'll see how it will be implemented, if at all, will be accepted.

[MissionPhailed]

The bill also claims that the digital currencies may be used in such illegal activities as drug trafficking, money laundering and tax evasion due to the guaranteed anonymity of its users during a transaction.

Yeah, think I've seen this poor argument at least a thousand times at this point from naysayers. Fiat money is also very suitable for these mentioned activities.

This proposal of Algeria will probably have negigible impact on crypto as a whole; Algeria plays a very small role in the cryptosphere and users of crypto in Algeria will probably find ways to continue their activities (I assume the government doesn't shut down the internet in their country completely).

[SHAWN-MIDWAYS]

Its really a sad development reading such an article when you have South africa in the southern part of africa endorsing the use of cryptocurrencies and have the Northern side decided to ban cryptocurrencies totally which in the long run is suppose to help its people who are not in employment by making needs met from new crypto  ventures.

[Aragorn_125]

Its really a sad development reading such an article when you have South africa in the southern part of africa endorsing the use of cryptocurrencies and have the Northern side decided to ban cryptocurrencies totally which in the long run is suppose to help its people who are not in employment by making needs met from new crypto  ventures.

It seems to me that soon the government of this country will reconsider its decision. Bitcoin becomes an international currency, so it can not be banned. The government of each country will soon understand this

[eckmar]

I'd say it does not really matter. I don't think many people in Algeria are using Cryptocurrencies anyway. Ban on them wont cnahge anything and its a stupid move anyway.

[richardsNY]

It seems to me that soon the government of this country will reconsider its decision. Bitcoin becomes an international currency, so it can not be banned. The government of each country will soon understand this

I get your point, but some governments are far too ignorant and hard headed to understand that even by completely banning Bitcoin, it will never be able to work out entirely. Even China understands this, and that while they are well known for using the ban hammer on everything they see as a potential threat. If China wanted to ban Bitcoin, they would have done it already, and for that reason believe they will *likely* never do so. Regardless of whatever government banning Bitcoin, if people are looking to obtain coins, they will always find a way to do so locally. Governmental ban statements only push people towards plarforms similar to LocalBitcoins, that's a solid fact.

[Btc4Proxies]

Sad to see governments be so ignorant with something so powerful. They'll come around in a couple of years if not months

[bubblebit]

It shows why they’re ignorance of what really bitcoin and cryptocurrency can be, makes them blinded by they’re biases and financial interests. This is the reason why there is poverty in that country, they can’t afford to try things that might be a good thing for they’re people. If I’m a bitcoin users/investors in that place, I will pack my bags and go away with the place freedom is nothing but a word.

I’m sad and angry at the same time, making me sick for making excuses such as, may used illegally. What a d__b this lawmakers be, does any fiat currency not have been used as such.

[wilhb81]

Well, it could be only temporarily banned. When the Algerian government seems the unstoppable forces of Bitcoin dominating the world - they will eventually unban in the future...

[rjbtc2017]

This a perfect example of how other countries say ( laws and regulations ) on Bitcoin can affect other countries' law on Bitcoin. It will take a lot of time and more Government-senate (lawmakers) session and discussion before every country accept bitcoin as a digital currency. Global Acceptance of bitcoin will surely take a long ride before we get there.

[veleten]

what a perfectly retarded move on Algerian goverment's part!
when you cannot control something you just ban ,sounds like their goverment is throwing baby out with the bath water
Algeria is not the most advanced country in terms of cryptocurrencies
but it would suck to live there and face sentences for posession of coins(retarded,isn't it)
imagine you being a bitcoin enthusiast and your life chnages all of a sudden just because your idiotic goverment cannot find a better solution

[InvoKing]

-snip-
The bill also claims that the digital currencies may be used in such illegal activities as drug trafficking, money laundering and tax evasion due to the guaranteed anonymity of its users during a transaction.

The socialist governments/countries always try to take control of everything or to keep a close eye on it...
For Bitcoin it isn't that available there and I am pretty sure that the mining activity isn't that important nor the trading volume.
Bitcoin could increase the amount of foreign currencies if it is exchanged abroad and sent to the local banks.
Politicians should take an IQ test before being elected/chosen!

[Darklinkz]

Well, it could be only temporarily banned. When the Algerian government seems the unstoppable forces of Bitcoin dominating the world - they will eventually unban in the future...

Totally right. If everyone is using it, there's no way that you will want your country to be out of place. Bitcoin will give a new meaning to progress in the future that even if a country implements a forever ban in crypto, they will change their minds afterwards.

[CryptoBry]

Another country that stands to benefit from bitcoin choosing to operate out of fear instead of foresight. Instead of vilifying the new not understood technology try embrace it and help yourselves.

This is another unfortunate decision on the part of the Algerian government...maybe they are not advised well as to the many benefits that a country can get when opening up its doors to cryptocurrency. The best thing to do for a country is to set up regulatory sandbox and framework so that things are done in legal way and the government has a way to address any concerns or abuses on the platform. There is no business that is not free from possible abuses and this is quite true with cryptocurrency or Bitcoin. They should have looked at how Japan is able to balance many concerns and now is the leader in Bitcoin. One thing for sure, those governments that are always afraid of so many things would think twice of getting into cryptocurrency because they can be exposed (am not accusing Algeria though). We are hoping that there comes a time when they would reconsider this bad decision.

[Falgorn]

If Algeria and will make an official decision on a complete ban on crypto currency, I think that such a ban will not last long. State bodies, first, will not be able to ignore the people's opinion and mass support of the crypto currency for a long time, and secondly, they will not be able to fully control such a ban.

[salahcryptowin]

[A dictatorial decision by a dictatorial government