Morocco does not want crypto-currencies

As the price of Bitcoin continues to climb, countries are trying to position themselves. On the side of Morocco, crypto-currencies are not welcome. According to Jeune Afrique, the National Office of Foreign Exchange of Morocco has just called these "occult" and by the same to prohibit the use of these dematerialized currencies in the kingdom. According to the National Exchange Office, being attracted by cryptocurrencies would involve "significant risks. Except that the very principle of Bitcoin and other cryptocurrencies is to override the national central banks. It seems difficult for the Kingdom of Morocco to enforce such a decision.

Up to five years imprisonment
The decision of the National Exchange Office is a response to the digital services company MTDS, which said last week that it would accept crypto-currencies from its customers. Morocco fears that the use of Bitcoin - and other currencies of the same type - will allow the population to circumvent national legislation. Especially since the Moroccan dirham is not a freely convertible currency. The resurgence of crypto-currencies could, considers the kingdom, raise a concern about this principle. The French Exchange Office warns that "transactions made through virtual currencies constitute a violation of regulations, punishable by penalties and fines," which can be up to five years imprisonment and 500 to 20,000 dirhams. fine. Moroccan media, however, say that the use of cryptocurrencies is already legion in the kingdom. According to them, the exchange of Bitcoins and other virtual currencies would already amount to $ 200,000 each day. Morocco is not the first African country to vote on cryptocurrencies: Jeune Afrique recalls that, at the beginning of the year, Niger banned deposit banks from exploiting this type of currency.