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Morocco’s foreign exchange authority threatens users and buyers of crypto currency with penalties. These sanctions are justified by existing central bank regulations for transactions conducted abroad. A complete ban has been imposed on the trade, sale and use of various existing crypto currencies; at least the penalties and sanctions threatened are equivalent to such an absolute ban. However, representatives of the Foreign Exchange Authority said that there was interest in this new type of currency.

Fear of loss of control?

Morocco is an authoritarian royal dictatorship. The finances are also in royal hands … and they seem to fear losing control. According to the royal representatives, the crypto currency not only harbours too many risks and dangers for its users, it would also run past the responsible intermediary banks. Thus transactions with only Bitcoins and the mutual exchange of the crypto currency for Moroccan dirham and vice versa become illegal. This is because it violates the existing legal framework and regulations for foreign exchange.

Call to respect

This week the press release was made public. In this press release all users of Bitcoins and other crypto currencies were made aware of the fact that transactions must only be carried out via intermediary banks within the scope of the applicable foreign exchange law. The press release also contained a reference to the fact that only foreign currencies officially recognised by the state bank Al-Maghrib can be used and traded. however, Bitcoins and other crypto currencies do not appear here. the press release is therefore more far-reaching than they announce and amounts to an absolute ban on trade and use in Morocco. One has interest nevertheless and pursues the development of the crypto currencies also. As an accepted means of payment, it is nevertheless not acceptable in and for Morocco.

Tendency and development

They were interested… according to the Foreign Exchange Office. But in view of developments at home, apparently quite different. For in the context of the social revolt crypto currencies simply represent the solution to work past the authoritarian state system. It’s a hidden payment method that rebels and lepers are increasingly adopting. Especially in the north the AltCoin flourishes. Therefore, it is not surprising that the interest of the authorities is moving more towards an absolute ban, which is also to be implemented in 2018 legislation.

Incidentally, this is a development that can be observed in many North African states. Here one looks with interested skepticism at what is happening on the virtual stock market.

About Morocco

Morocco lies in the northwest of Africa and is separated from the European continent by the Strait of Gibraltar. Morocco’s southern border is internationally controversial because of the Western Sahara conflict until the holding of a UN referendum on the future membership of Western Sahara.

The country name derives from the Arabic word for city of Mraksch, which was used for today’s Marrakesh and in Europe for Marueco (Spanish). Maroc (French) and Morocco.