Algeria, one of the largest producers of oil and gas in North Africa, is currently experiencing a political and economic turmoil. In the midst of the current turmoil, now may be a good time to reverse its ban on Bettkin's currency, which has proved to be a viable alternative in troubled times.
The second wave of the Arab Spring in Algeria?
Algeria, officially the People's Democratic Republic of Algeria, is currently experiencing political and economic unrest. The country is the largest in Africa and one of the largest oil and gas producers in the world. However, in recent weeks, waves of demonstrations and demonstrations have tried to prevent the re-election of incumbent President Abdelaziz Bouteflika, who had been in this position for 20 years.
Although the president promised to withdraw after the next elections scheduled for April 18, the protests continued.
The current situation in Algeria is reminiscent of the suffering of what happened in Tunisia and Egypt in 2011, which became known as the "Arab Spring". In Egypt in particular, millions of protesters from a wide range of social, economic and religious backgrounds have called for the resignation of Egyptian President Hosni Mubarak. He was president
From 1981 to 2011 - 30 years in total.
With regard to Algeria, the current political structures present a similar pattern. The country is run by a former president, backed by a political party, while the Algerian economy is grappling with issues such as mismanagement and patriarchal political views.
This is happening despite the fact that Algeria is a major oil producer, with 12.2 billion barrels of proven oil reserves. The country exports about 540,000 barrels a day, nearly half of its total production of about 1.1 million barrels.
Is it time to lift the protein ban?
As a result of similar measures taken by its neighboring country, Morocco, Algeria banned Bettkin's coins in 2018 with the introduction of the country's annual finance bill. According to reports, not only prevents the use of decomposition, but also preserves.
However, Bettkin proved to be a viable alternative to paper currencies in times of political and economic turmoil.
An example is Iran. The Iranian riyal, caused by the economic instability in the country because of sanctions imposed by the United States, has led to huge inflation. This has led some citizens to seek alternatives to the global economy and preserve their wealth. Fortunately, Iran eased its position on fortification earlier this year, as it was opening its national currency, reports said.
But perhaps the most striking example is Venezuela. Venezuela, the richest country in Latin America, was facing a political and economic crisis and a severe inflation of 2.30% in February.
Capital controls and the lack of foreign exchange have left residents with the only opportunity to secure their wealth through small coins and other digital currencies. As such, trading on a peer-to-peer platform has increased in the country's LocalBitcoins.
As explained above, Bettkin is more than just a speculative profit for people in countries facing economic and political instability. Therefore, it is perhaps time for the Algerian government to review al-Taktun's ban and allow its citizens the freedom to use an alternative to the Algerian dinar, which has lost about 80% of its value compared to the Algerian dinar. US dollar over the past five years.
In addition, despite the formal ban, the LocalBitcoin trading platform continues to operate in Algeria, demonstrating the politically neutral, decentralized and limitless nature of manufacturing.
Does Algeria benefit from lifting the ban on creation? Share your opinion in the comments below!