Best Bitcoin Exchange for Morocco
Morocco’s foreign exchange authority Office of Changes threatens users of crypto currencies this week with penalties. In doing so, the authority refers to corresponding central bank regulations for foreign transactions. Thus the refusal amounts to a ban. Nevertheless, the development of virtual currencies is being followed with “interest”, according to a corresponding press release on the authority’s website this week. Does the authoritarian kingdom fear for its control?
Morocco threatens crypto users with penalties
According to the Sahara Kingdom, digital payments are not only risky for users, but also happen behind the backs of responsible intermediary banks. According to the responsible office of the Change, Bitcoin’s de facto foreign transactions in the Moroccan Dirham and vis-à-vis thus constitute a violation of the current legal framework for foreign exchange.
Instead, the press release issued this week calls on users to comply with the current foreign exchange law, to carry out transactions only on the basis of suitable intermediary banks and to use only foreign currencies listed by Bank Al-Maghrib, the country’s central bank. But Bitcoin is not one of them – so the refusal is tantamount to a ban.
Specifically, the press release states:
“This is a hidden payment system that is not supported by an organisation. The use of crypto currencies entails significant risks for their users”.
Despite this red card to the current users the press release of the foreign exchange authority states that together with the Moroccan central bank and the banking association GPBM the development of virtual currencies continues to be followed with “interest”.
According to a report on the news site Le Figaro, the digital service provider MTDS recently introduced Bitcoin as an accepted payment method. It is still unclear how the classification of the foreign exchange authority will affect incoming payments. However, the use of Bitcoin in Morocco is still limited to a small circle of users. Thus a loud echo will probably fail to appear.
Does the Kingdom fear for control?
Apart from day-to-day business, Bitcoin payments in the country represent an attractive alternative to carrying out transactions in the course of the ongoing social revolt even without the knowledge of the authoritarian state apparatus. At present, especially in northern Morocco, protests against social injustice, corruption and arbitrariness on the part of the authorities are recurring. According to a Cointelegraph report, Altcoins in particular are becoming increasingly widespread here as a hidden payment method.
Currently Morocco is not the only North African country that critically examines its crypto market. So the Moroccan announcement might be inspired by the developments in the neighbouring state Algeria.
As reported, a total ban on crypto currencies could find legislative implementation there in 2018. The National People’s Assembly, the lower house of the Algerian parliament, is currently examining a bill to this effect. The bill is intended to ban ownership and transactions with Bitcoin and crypto currencies.