Going Through An Economic Turmoil, Algeria Considers Lifting The BTC Ban

One of the largest producers of oil and gas in North Africa, Algeria, is under serious economic turmoil and amidst the crises, is time for the country to go through its position on bitcoin and lifting the ban on cryptocurrencies. Let’s read more in the crypto news below.

Algeria is now under serious political and economic turbulence and for the past couple of weeks; numbers of protests and demonstrations have tried to block the possible re-election of the president Abdelaziz Bouteflika who has been in charge for the past 20 years. He was the one that promised to step down if the demonstrations continued.

The situation in the country is similar to what happened in Tunisia and Egypt in 2011 which is formerly known as the ‘’Arab Spring.
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’’ During this period, millions of protesters demanded the resignation of the Egyptian President Hosni Mubarak who was in charge of the country for 30 years.

Algeria, on the other hand, is a large oil producer with 12.2 billion barrels of oil reserves. Morocco also took similar steps as Algeria and banned bitcoin last year after they implemented the Finance Act so it is now prohibited to hold bitcoin and also use it to make transactions.

However, Bitcoin has proven many times to be a better alternative to fiat currencies in difficult times especially in economic chaos. An example of this could be Iran after the economic stability of the country crashed when the United States placed an economic ban on the country and the national currency of Iran went in a hyperinflation phase. For this reason, citizens turned to bitcoin after the country loosed up the strings around the cryptocurrency and they even consider launching their own digital currency.

Another important example could be Venezuela. This country was the richest country of Latin America at a certain time in life but is currently going under serious economic crisis and hyperinflation which reached a stunning 2.30 million percent in February. No inflow of foreign currency has left the citizens to make some extra money with bitcoin.

Bitcoin is more than just a speculative asset. It is used most commonly as a corrector of economic instability. For this reason, the government of Algeria should look into bitcoin and reconsider its stance on cryptocurrencies. The citizens will be able to have an alternative to the national Dinar which lost nearly 80 percent of its value against the US dollar.