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Will Morocco ban Bitcoin?

Nov 22, 2017 Posted /  3608 Views

Will Morocco ban Bitcoin?

The regulatory authority in Morocco have issued a warning to the cryptocurrency enthusiasts and Bitcoiners in the country. In an official release they remarked that the people have to comply with the Exchange Regulations. They cautioned that according to provisions stated by the government financial transactions with other countries are necessitated by authorized mediator and with foreign currencies approved by Bank Al-Maghrib.

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The Ministry of Economics asserted that The Office des Changes consider using Bitcoins for exchange in financial transactions as infringement of law and is liable to be penalised. Moreover, the government clearly indicated that Bank Al- Maghrib and other professional banks of Morocco constitute the interest group for the state and they do not corrode with the use of virtual currencies in the country.

The blockchain specialists in Marrakech which is considered as the economic hub of Morocco are immensely disappointed by this decision. They view that this will shun the image of the country within Africa and around the globe. The advisors also consider that illegalizing the bitcoin will impede the independence of the populace. Further, they divulge on the view that it is non-constructive to the country as more of the nations are already utilizing the advantages of the digital currency.  

More Regulation in coming days?

The state of Morocco is considered as one where foreign flows are exceedingly controlled. If the Local media reports are to be believed, virtual transactions worth $200,000 are gorged through the country each day, although a correct number is perpetually difficult to authenticate.

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This statement is released after Moroccan digital services company ( MTDS) clarified that it would welcome remittances and payment happily in bitcoin. But they had to cancel the project quickly to comprehend with the law.


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Tags: bitcoin cryptocurrency Bitcoiners Morocco Regulation

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