Morocco Bans Bitcoin
News.Bitcoin.com caught up with Bellaj Badr, CTO of Mchain and a blockchain consultant based in Marrakech, the nation’s economic hub. “Although this decision comes as no surprise, I am quite disappointed by this ban which harms the nation’s image in Africa and globally,” Mr. Badr laments.
Government regulators issued stiff threats aimed at bitcoiners and cryptocurrency fans in the area, stating:”The Office des Changes exhorts the people concerned to comply with the terms of the Exchange Regulations which stipulate that financial transactions with foreign countries must be made via authorized intermediaries and with foreign currencies listed by Bank Al-Maghrib,” the discharge scorned.
Channeling Orwell, the missive concludes,”The Office des Changes in collaboration with Bank Al-Maghrib and the Professional Group of Banks of Morocco follow with interest the evolution of virtual currencies in Morocco and building a bitcoin casino bc casino bitcoin gambling.”
Mr. Badr is incredulous. He told news.Bitcoin.com,”In actuality, we are henceforth counted among the few nations that are illegalizing bitcoin and restricting people’s freedom.”
Tight Controls Get Tighter
Middle East Online reports Morocco to be a nation”where foreign exchange flows are tightly controlled,” and”Local media outlets have estimated that virtual payments worth around $200,000 (170,000 euros) pass through Morocco daily, although an exact figure is extremely difficult to verify.”
“The announcement came a week after Moroccan digital services company MTDS said it would accept payment in bitcoin,” they detail. “MTDS said it was the first time that the regulator had taken a clear position on bitcoin payments.”
The company’s head, Karl Stanzik, said it canceled the job shortly after the press release, wanting to”comply with Moroccan law,” and noted a bitcoin ban would be”very difficult to control.”
Mr. Badr agrees. “I think such decision is inculcated and nonconstructive, as it will not harm the growing adoption of bitcoin in Moroccan society but instead it will harm the ongoing innovative project aiming to harness the blockchain technology,” he said. “I’m confident that this decision will change with time when the government understand the benefits they can reap from such technologies,” he predicted.
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Pictures courtesy of Pixabay. Additional.
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