Algeria has completely banned cryptocurrencies

As part of the fight against the financing of terrorist organizations and money laundering, the Algerian government has passed a law banning the issuance, use, purchase and sale of cryptocurrencies.

The creation and operation of platforms for exchanging digital currencies, e-wallets and any advertising of these services is now also a violation.

For violating the law, the penalty is:

• Imprisonment from 2 months to a year
• Fines from 200,000 to 1,000,000 Algerian dinars (approximately $ 1,540 - $ 7,700).

According to Chainalysis, in 2024, Algeria was among the top 5 fastest-growing markets in MENA. Given the scale of this market in the country, it is possible that the ban will provoke the growth of the illegal market and / or a brain drain.