The Algerian Dinar (DZD) is the official currency of Algeria. Still, it has no direct role in the cryptocurrency world, as Algeria has strict regulations and even bans on the use of digital currencies like Bitcoin, Ethereum, and others. 

The country’s stance on cryptocurrency makes it difficult for Algerians to engage in crypto trading or investment using DZD legally.

Read on to find out more about Algerian Dinar.

What is Algerian Dinar (DZD)

The Algerian Dinar (DZD) is the official currency of Algeria, a country located in North Africa. It is used for all financial transactions within Algeria, including buying goods, services, and other day-to-day activities. The symbol for the Algerian dinar is د.ج in Arabic, and its international currency code is DZD.

The Algerian Dinar (DZD) was introduced in 1964, replacing the Algerian franc after the country gained independence from France in 1962.

For Coins and Banknotes, the DZD comes in various denominations of coins (like 1, 2, 5, 10, 20, 50, and 100 dinars) and banknotes (from 100 to 2,000 dinars).

The country is managed by the Central Bank, and the Bank of Algeria (Banque d’Algérie) is responsible for issuing and managing the currency, ensuring financial stability.

Exchange Rate Of Algerian Dinar (DZD)

The exchange rate of the Algerian Dinar (DZD) fluctuates against other global currencies like the US dollar (USD) or the euro (EUR). The value of the dinar is influenced by Algeria’s economy, which relies heavily on oil and gas exports.

Is Crypto Allowed in Algeria?

No, cryptocurrency is not allowed in Algeria. Since 2018, Algeria has had a strict ban on the use, trading, holding, and any transactions involving cryptocurrencies like Bitcoin, Ethereum, and others. 

This ban was put in place through a financial law that forbids the purchase, sale, use, and possession of virtual currencies. 

The government made this decision to prevent illegal activities such as money laundering and to protect Algeria’s financial system from the risks associated with digital currencies. 

Any violation of this law could result in penalties or legal consequences.

Cryptocurrency Ban in Algeria

In 2018, Algeria officially prohibited the use of cryptocurrencies. This means that people in the country cannot legally buy, sell, or hold any form of digital currency. 

The law even states that any violation related to cryptocurrency could result in penalties or legal consequences. 

Because of this, the DZD cannot be directly involved in cryptocurrency transactions.

Which Crypto Wallet Works in Algeria?

Although cryptocurrency is officially banned in Algeria, some crypto wallets are still accessible from the country because they operate globally. 

However, using these wallets for crypto-related activities could be risky and illegal under Algerian law. 

Despite this, some people might try to use Virtual Private Networks (VPNs) or other means to access cryptocurrency services, though this comes with potential legal risks.

Below are some globally accessible wallets that can technically work in Algeria (though this doesn’t make them legal to use in the country):

1. Trust Wallet

A popular mobile crypto wallet that supports multiple cryptocurrencies.

2. Exodus Wallet

A user-friendly wallet that can hold various cryptocurrencies and offers a desktop and mobile version.

3. Ledger

A hardware wallet that can store crypto assets offline, known for its high security.

While these wallets may work in Algeria, trading or holding crypto assets with them violates Algerian law and could lead to legal repercussions.

Can Algerians Still Use Crypto?

Technically, Algerians are prohibited from using cryptocurrencies. However, there are reports of some individuals using VPNs, offshore bank accounts, or international exchanges to access crypto markets, even though this is illegal in Algeria.

Participating in cryptocurrency activities in Algeria can carry significant risks, including potential legal action from the government.

The Future of Cryptocurrency in Algeria

As of now, Algeria has a strict stance against cryptocurrency, but the situation could change in the future. 

Many countries initially banned cryptocurrencies but later adopted regulations that allowed their use under strict guidelines. 

If Algeria softens its position, the Algerian Dinar could play a more significant role in the world of digital assets.

Conclusion

The Algerian Dinar (DZD) currently has no place in cryptocurrency due to the strict ban in Algeria. 

While some may attempt to find ways around this, it’s important to understand the legal risks involved. 

In the future, however, if the government changes its stance, DZD could potentially become a currency that can be used in cryptocurrency markets.