Morocco Declares Cryptocurrency Outlawed

November 23, 2017

Morocco Declares Cryptocurrency Outlawed

Morocco has formally established a ban on transactions using cryptocurrency, citing lack of the industry regulation and high risks for users.

According to the official press release published on the Office des Changes website, the country's currency regulator made a firm decision regarding the cryptocurrency's circulation in the country, "Transactions via virtual currencies will be considered a violation of the law, punishable by fines."

The position adopted by the regulator of the north-west African kingdom promises bad news for the Trade and Development Services of Morocco. A week ago, this digital service provider announced that it would accept payments in Bitcoin. The company indicated that it would comply with the regulatory body's decision, but the founder of the company Karl Stanzik believes that the regulator will not cope with the suppression of virtual currencies in the country. The Moroccan Office des Changes insists that all payments to foreign countries should be made "through authorized intermediaries specified by Bank Al-Maghrib," which is the central bank of the country.

Like many emerging markets, the use of cryptocurrency is steadily growing, and estimates show that daily transactions with virtual currencies are about $200,000. It is Interesting enough that the exchange office of the Moroccan exchange said it would closely monitor the development of cryptocurrencies, along with the central bank of the Kingdom and its partners. As more and more people, companies and institutions start using cryptocurrencies, governments and conventional financial institutions are forced either to 'get on their high horse' or to 'legalize the use of cryptocurrencies'. We saw it happen in China and Vietnam but people still find a way to continue trading, which eventually leads to a change in the perception of the cryptocurrency as such.

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