Concentrate on the Use of Virtual Currencies (Mise au point au sujet de l’utilisation des monnaies virtuelles), published by a division of Morocco’s Ministry of Finance, has declared, “The Office des Changes wishes to inform the common public that the transactions by way of virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines supplied for by [current laws] in force.”
news.Bitcoin.com caught up with Bellaj Badr, CTO of Mchain and Blockchain, a consultant based in Marrakech, the country’s financial hub. “Although this choice comes as no surprise, I am extremely disappointed by this ban which harms the country’s image in Africa and worldwide,” Mr. Badr laments.
Government regulators issued stiff threats aimed at bitcoiners and cryptocurrency enthusiasts in the area, stating: “The Workplace des Changes exhorts the folks concerned to comply with the provisions of the Exchange Regulations which stipulate that financial transactions with foreign countries need to be produced by way of authorized intermediaries and with foreign currencies listed by Bank Al-Maghrib,” the release scorned.
Channeling Orwell, the missive concludes, “The Office des Alterations in collaboration with Bank Al-Maghrib and the Skilled Group of Banks of Morocco stick to with interest the evolution of virtual currencies in Morocco.”
Mr. Badr is incredulous. He told news.Bitcoin.com, “In fact, we are henceforth counted amongst the couple of nations which are illegalizing bitcoin and limiting people’s freedom.”
Middle East On the internet reports Morocco to be a nation “where foreign exchange flows are tightly controlled,” and “Local media outlets have estimated that virtual payments worth about $200,000 (170,000 euros) pass by means of Morocco each day, despite the fact that an precise figure is extremely hard to confirm.”
“The announcement came a week following Moroccan digital solutions business MTDS said it would accept payment in bitcoin,” they detail. “MTDS mentioned it was the initial time the regulator had taken a clear position on bitcoin payments.”
The company’s head, Karl Stanzik, said it canceled the project shortly soon after the press release, wishing to “comply with Moroccan law,” and noted a bitcoin ban would be “very difficult to manage.”
Mr. Badr agrees. “I consider such decision is inculcated and nonconstructive, as it will not harm the increasing adoption of bitcoin in Moroccan society but instead it will harm the ongoing revolutionary project aiming to harness the blockchain technologies,” he mentioned. “I am confident that this decision will change with time when the authorities understand the positive aspects they can reap from these technologies,” he predicted.
What do you think about Morocco’s ban on bitcoin? Tell us in the comments beneath!
Images courtesy of Pixabay. Further reporting by Avi Mizrahi.
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Published at Wed, 22 Nov 2017 07:30:03 +0000