Morocco forbids crypto currency

Nov 23, 2017 | Ecofin Agency

The Office national des changes du Maroc and the Central Bank prohibited all e-currency related transactions. The two institutions claim crypto-currencies are “opaque”.

Few days after the digital services firm MTDS announced it would adopt Bitcoin as one of its payment mode, a first in the Cherifian Kingdom, the Office national des changes du Maroc and the Central Bank prohibited all e-currency related transactions. The two institutions claim crypto-currencies are "opaque". Despite the fact that in Morocco, only a limited circle uses this type of currency as they see in it a major potential, it is approved by no competent authority, and as a result poses important risks for its users. Truly, virtual currencies can be used for illegal purposes online, for example to purchase drugs, weapons and ransomwares (a type of malicious software that threatens to publish the victim's data unless a ransom is paid). In this regard, this crime is punishable of a significant fine. "Penalties and fines are applicable to every person conducting transactions with foreign countries without passing through authorized intermediaries or those conducting transactions in foreign currencies that are not listed by Bank Al-Maghrib," the office des changes said in a statement. Morocco is not the first country to prohibit e-currency in Africa. Recently, Algeria did the same in its 2018 budget. Source: Ecofin Agency