A few days after the digital services company MTDS announced that it would accept Bitcoin as payment for the first time in the kingdom, Morocco’s Foreign Exchange Office and central bank have issued a public statement stating that transactions made via cryptocurrencies are banned and will be punishable by fines.
Penalties and fines will apply to anyone engaging in transactions with foreign countries that do not go through authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib,” warned the Foreign Exchange Office in a statement issued November 20.
The institution added in its press release that cryptocurrencies work within a hidden payment system that is not backed by any financial institution.It also emphasized that the use of cryptocurrencies entails significant risks for their users as cryptocurrencies could be linked to illegal activities on the Web, in particular the purchase and sale of drugs, weapons, and ransomware.
Despite that fact that Western superpowers like the United States and United Kingdom have shown a positive attitude towards the new technology,while Some countries like Canada and Australia are still deliberating on what to do about Bitcoin, legally. Unfortunatelty some countries are more into banning the crypto currency and all the activities such as trading. Keep in mind not recognizing or supporting the use of bitcoin and banning bitcoin are two different things.
Bellow list of coutries where bitcoin is banned :
- Bangladesh
- Bolivia
- China
- Ecuador
- Iceland
- India
- Russia
- Sweden
- Thailand
- Vietnam
- And of course Morocco (If the news is officially confirmed)
To be continued...