Bitcoin is Growing in Morocco and here is a few reasons why
One of the hot spots for crypto growth that I have always known to make a huge dent in mass adoption since the first day I understood blockchain tecnology has been Africa, and more specifically Morocco. Here in Mallorca most inmigrants are from this north African Country. I have several good friends who have settled here in Spain and they originate from Morocco ( most came over on a 50/50 ticket to survival boat ride over the med)
There is a 1000 reasons my Moroccans should embrace bitcoin
- The unbanked 59% of Moroccan Adults have no access to a financial service
- Forex trading and cross border exchange Moroccans use Bitcoins in cross-border trade, Forex trading and revshare. In recent times we have seen a rise in companies offering cloud mining services. Moroccans have taken full advantage of these companies and have invested a considerable amount of money in them.
- Remittances 6.4 billion $ in where transfered to Morocco by inmigrants in 2015.
- Narcotics cultivation and transformation of Cannabis represents 1.60% of the national GDP of Morocco
- Going cashless Bank Al-Maghrib is the central bank in Morocco and has already published plans to reduce and eventually eliminate the use of cash within the next 5 years.
- Islamic Banking Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board with a body of Islamic scholars to oversee the new sector.
Maybe you can name a few more, I dont have enough battery left on my laptop to complete this never ending list.
I have noticed a huge diference in the way a Moroccan will react when first hearing about bitcoin or any other cryptocurrency than the average Spaniard who lives here, this caught my attention quite a while back. Im always excited to see any growth in the bitcoin area and this is quite exciting, as I cant stop myself to talk about crypto and decentralization many a Moroccan living here in Spain has heard abut bitcoin from me first!
Sorry for the lack of activity but we are currently suffering from a lack of internet due to the idiotic teleco companies running the show here. If we are lucky we should be back online in the next few days!
