As part of digitization of payments, the Bank of Algeria plans to launch its cryptocurrency. In other words the Algerian digital dinar. Indeed, Prime Minister Aimene Benabderrahmane has indicated that the Algerian government aims to adopt a national digital currency soon. Recall that this statement was made on the sidelines of his participation in the work of the conference on the future challenges of central banks, organized on the occasion of the 60th anniversary of the creation of the Bank of Algeria.
According to the words of the Prime Minister, this new form of currency “will ensure the issuance, management and control under the name of Algerian digital dinar”. Furthermore, the politician indicated that the cryptocurrency will provide support for the physical form of the currency. The aforementioned senior official mentioned the importance of this numerical orientation.
Especially, given the digital development we are witnessing. As a result, strengthening the security and control of payment systems is now an imminent necessity, according to Benabderrahmane. It should be noted that the adoption of this approach occurs in parallel with the approval of the bill relating to currency and credit.
Currency and Credit Bill: Here’s What Will Change
As mentioned above, the Council of Ministers approved the Currency and Credit Bill. Indeed, the said project will bring fundamental reforms. These aim to strengthen the transparency and stability of financial management in Algeria. In addition to the modernization of professions related to the management of banks. Without forgetting, the adaptation of the law to the reforms of the financial system.
Indeed, among the major benefits of the Money and Credit Bill is the eradication of black markets. What means, the protection of the currencies and the national economy of this phenomenon which weighs on the Algerian economic system.
