In Morrocco, the central bank Al-Maghrib, the Ministry of Finance, the Foreign Exchange Office, and the Financial Markets Regulator has recently prohibited using cryptocurrencies in the country.
As per the joint release published on 5th March, the ban is imposed to protect citizens from legal issues & losses.
As per the regulatory authorities, cryptocurrencies are unregulated and riskier, with no system that safeguards users even though having an easy-to-use and robust system.
Some references also made a point of money laundering risks. The ban is somewhere contrary to the statement of Finance Minister Nadia Fettah Alaoui before the parliament last January.
She expressed that discussions were ongoing to regulate the cryptocurrency sector in Morocco. Supportive facts portray that about 2.4% of the Moroccan population, or around 900,000 people, holds some cryptocurrencies.
The official ban will deprive them of any legal recourse in case of problems during their cryptocurrency transaction. Morocco is not the last country that has banned the use of cryptocurrency. In Nigeria, for instance, the central bank recently sanctioned two banks because they facilitated cryptocurrency transactions.