Will Algeria Be the Next Bitcoin Rescue Mission? How the Leading Crypto Asset Can Save This Country
Algeria is currently experiencing serious political and economic unrest, despite being one of the largest producers of oil and gas in the world.
Riccardo Fabiani an analyst at Energy Aspects, a research institute based in London, views the country’s reserves as getting lower than anticipated. There are also protests and political uncertainty taking place as well.
Given the issues, the question of whether it is time to undo the bitcoin ban has surfaced. The country banned bitcoin in 2018 when it released the Finance Act. Under the Act, it is both illegal to transact and to possess bitcoin.
Even then, the cryptocurrency may be a promising solution to the country’s issues. At this point, two countries that have experienced issues have turned to easing their stance on cryptocurrency. Such countries are Iran and Venezuela. And maybe it is safe to say that Algeria may want to consider following suit.
Bitcoin may provide the country’s citizens with a method to secure their wealth. Further, despite the bank, platforms such as LocalBitcoins trading work. Thus, users may be able to start tapping into the power of cryptocurrency while the country sorts itself out.