Morocco Announces Ban on Digital Currencies and Threatens Bitcoiners.
Bellaj Badr, CTO of Mchain and a Blockchain consultant based in Marrakech, the economic center of the country, announced that the decision to ban Bitcoin in the country is not a surprise and that this new law would harm the image of the country in Africa and all over the world. The people in charge of the regulation belonging to the government of the armed forces to the bitcoiners and cryptocurrency enthusiasts in the region, declaring: “The Office des Changes encourages affected persons to comply with the provisions of the Exchange Regulations which stipulate that financial transactions with foreign countries must be made through authorized intermediaries and with foreign currencies listed by the Bank Al-Maghrib.”
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.” Mr. Badr is incredulous. He told news.Bitcoin.com: “In fact, we are henceforth counted among the few countries which are illegalizing bitcoin and limiting people’s freedom.”
Morocco is a country, according to local media, where currency flows are tightly controlled and it has been estimated that virtual payments worth around $ 200,000 pass through Morocco daily, however an exact figure is 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 the regulator had taken a clear position on bitcoin payments.”
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 am confident that this decision will change with time when the authorities understand the benefits they can reap from these technologies,” he predicted.
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