Morocco prohibits the use of bitcoin. Why?
Regulators of Morocco issued strict rules against supporters of bitcoin and cryptocurrency enthusiasts:
“We call for respect for the provisions of the Exchange rules, which require that financial transactions with foreign countries should be carried out through authorized intermediaries and foreign currencies listed by the Bank al-Maghrib”.
“Now we are one of the few countries that limit the freedom of people”, – commented on the actions of the regulators, a consultant in the field of blockchain Bellaj Badr.
According to local media, Morocco would be a country “where currency flows are tightly controlled”. According to preliminary estimates, the daily turnover of cryptocurrency in Morocco amount to about 200 000 USD.
The announcement comes a week after a local company digital services MTDS announced the acceptance of bitcoin as payment. The head of the company Karl Sterzik not carry out the intention of the press release of the regulator.
“We will comply with laws prohibiting the use of bitcoin. In General, however, ban its use, the regulator will be very difficult to control,” he said.
Local members of the Bitcoin community believe that the ban of the Central Bank will not hurt the growing adoption of bitcoin in Morocco – instead, it will harm the current innovation project aimed at using the technology of the blockchain. They expressed confidence that the decision of the controllers will change over time and the authorities will realize the benefits they can derive from these technologies.