Morocco Bans Cryptocurrency

Morocco Bans Cryptocurrency

Morocco announced yesterday that it has officially banned the use of cryptocurrencies.

According to their official press release, they deem the lack of regulation a ‘danger’ to those who use them and the foreign exchange regulator decided to take a firm stance on the matter.

Their statement translated from French says:

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“Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines.”

The Morocco Trade and Development Services just a week ago made the announcement that they would accept payments in Bitcoin but the decision made this week doesn’t bode well for the company.

The company has made a statement saying that it will observe the new rules but the founder has strong feelings that the regulator will have a very difficult time restraining the use of digital currencies throughout the country.

Morocco’s Office des Changes demands that all payments made to countries abroad need to go through its central bank. Digital currency is rapidly growing throughout the world and there are some estimates stating that over 325,000 transactions are made daily on the blockchain.

More to come?

What is most interesting about all of this, is the Moroccan exchange regulator along with the central bank in Morocco state that they will continue to regularly monitor the development of cryptocurrencies around the world.

As it becomes more widely adopted around the world by many countries and institutions, governments and its central financial institutions are being put in a place to either completely ban them or completely accept them. In China and Vietnam, they have been completely banned but people have still found a way to continue to trade.

Featured Image: twitter

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