Exclusive : A sudden official decision ... Bitcoin is banned in Morocco and trading in it exposes you to arrest!!!!!!

The deal with virtual currencies, primarily Petequin, has been in Morocco, and the number of users they deal with continues to increase, but the decision appears to have been taken officially to prevent the circulation of this currency, which has exceeded $ 8,000 until the time of editing.

Bank of Morocco and the Foreign Exchange Office issued a statement on November 20 stating that anyone trading in the currency would be subject to "penalties and fines" and possibly imprisonment, especially if dealing with foreign countries or currencies not permitted by Bank Al-Maghrib.

The statement added that the central bank that investment in virtual currencies is risky, and that none of them have no support from the Moroccan government or banks.

As a hidden payment system that is not supported by any financial institution, the use of virtual currencies carries a high risk to its users, but there are advantages to this currency, most notably that there are no remittance charges unlike traditional currencies, the speed and confidentiality of transfers between accounts, To the control of banks and governments. In contrast, the most important drawback is the facilitation of suspicious operations (arms, drugs and money laundering) in the absence of official control.

The Moroccan exchange office stressed the need to abide by the exchange laws in force in the country, which states that financial transactions with the outside must be carried out by the banks accredited in Morocco and by foreign currency approved by Bank Al-Maghrib, considering that dealing with "Bitcoin" Because it is a virtual money not adopted by the official authorities, and always remain the original owners "anonymous".

The Central Bank of Morocco reported that its interests are coordinated with the interests of the Moroccan Foreign Currency Office and the Moroccan banks' professional association to follow up on all developments related to the virtual currencies, while a number of countries warned against using this virtual currency, considering that they are not subject to regulatory controls Currencies.