Morocco authorities have officially stated that using digital currencies is illegal within the country, as they are not regulated and pose danger to its users.
The press release published on the Office des Changes website says that the official foreign exchange regulator keeps to its decision on the use of digital currencies in Morocco. The translation from French says:
“Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines.”
The position taken by the North-west African Kingdom’s officials means closing opportunities for the digital service provider Morocco Trade and Development Services, that has publicly announced accepting bitcoin payments only a week ago.
The company isn’t planning to go against the law. Its founder Karl Stanzik thinks that the regulator will work to hold back the spread of digital currencies across the country.
Morocco’s Office des Changes states that all the international payments should go “through authorized intermediaries and with foreign currencies quoted by Bank Al-Maghrib,” which is its central bank.
Also, the Moroccan exchange regulator promised to keep an eye on the development of digital currencies together with the central bank and its partners.
However, the spread of cryptocurrencies among usual people is inevitable, so the authorities and financial institutions have nothing else left to do but to either totally ban the new technology, or legalize it somehow.
Cryptocurrencies have already been banned in such countries as China and Vietnam, but people living there still find a way to continue using virtual money, which made their governments change their policies.