Morocco: Authorithies Warm Against Using Cryptos

David Kipre

Crypto-currencies have been making their way into the global financial culture for several years now. In Morocco, authorities are warning against the use of these means of payment. The focus is mainly on the use of Bitcoin.

I-Warnings from Bank Al-Maghrib

Indeed, after previous warnings, the country’s authorities are returning to the risks associated with crypto-currency transactions. On the website of the Bank Al-Maghrib, the central bank of the Moroccan state, they return to the following risks. Consumer protection is totally absent on crypto currency platforms. This absence translates into the non-existence of a legal framework in case of theft or misappropriation. Bitcoin or crypto currencies in general, are also volatile. Their exchange rate against legal tender currencies is very variable. These currencies are used for illicit or criminal purposes; for example, it is an excellent way to launder money. Finally, the Bank Al Maghrib, laments the lack of compliance with the regulations in force, especially those relating to capital markets and foreign exchange legislation.

II-A control or protection measure ?

In reaction to these measures or warnings, certain reactions of distrust have been felt.  

Faced with certain actions of some governments, crypto currencies appear as a safe haven. Very recently, the Canadian authorities ordered the freezing of donations made to truckers protesting. 20 million dollars were blocked to stifle the protesters. Bitcoin, in the face of these restrictions can be very useful.

The Bank Al Maghrib, the Moroccan Capital Market Authority, as regulatory bodies and the Office of Foreign Exchange, specify that the prohibition of the use of such processes tends to protect the citizen against any legal drift or financial losses. This, according to some news organizations.

It only remains to observe whether or not the Moroccan population will adhere to the ban.

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