Bitcoin Legal Issues – Court Adjourned . Bitcoin and other cryptocurrencies are completely banned in Morocco. 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By clicking “Accept”, you consent to the use of ALL the cookies. World Bank research from 2019 indicates only 29% of Moroccan adults have access to bank accounts, which is considerably lower than the Middle East and North Africa (MENA) regional average of 44%. The 2020 bitcoin price run drove the demand for the cryptocurrency around the world. They banned it because bitcoin is a hidden payment system that cannot be backed by any financial institution. Even in countries like Saudi Arabia and Jordan, where Bitcoin is technically legal, financial institutions are forbidden from dealing in Bitcoin or other digital currencies. They just don’t use the bank,” Nori said. The Central Bank of Morocco, Governor, Abdellatif Jouahri, has said that blockchain is a truly disruptive technology and wants the country to expand access to financial services through the integration of fintech, including blockchain technology.. According to Nori, Moroccans couldn’t buy bitcoin or other cryptocurrencies through digital asset exchanges using their credit cards. Top Countries Where Bitcoin is Legal for Mining Only a few countries have made it explicitly illegal, and almost always on religious grounds. If they wanted crypto, they had to buy it in Europe or the U.S., Nori said. At 7:30am EST (1:30pm GMT+1), Bitcoin’s market value rose 3% to $50,487 (450,373 MAD). In a 2015 article that appeared in the Guardian, a Moroccan banking official Ismail Douiri described the reaction of low-income earners to a low-cost financial services program that was created with them in mind. Buy Bitcoin in Morocco instantly using debit or credit cards, bank transfers, or other modes of payment available on the Paxful platform. Bitcoin, along with other cryptocurrencies, has been banned in Morocco since 2017 amid concerns about the security risks of using “hidden” payment systems. Hostile In Pictures: Morocco Ready for Eid Al Fitr, Shopping for Traditional... Dutch Student Teams Get Ready for the Solar Car Race in... Solo Female Travel: Experiencing Moroccan Tourism During COVID-19, Morocco’s Red City: Touristic Places in Marrakech You Must Visit. 8. Morocco . South Africa doesn’t recognize Bitcoin as legal … Even Saudi Arabia, historically opposed to the adoption of cryptocurrency, has taken a growing interest in the technology in recent years. The price later fell 2%, where it continues to fluctuate around the $49,000 (437,000 MAD) mark. Where Can I Buy Bitcoin In Morocco? Most Popular Bitcoin Exchanges in Morocco. These cases are extremely important because they have the ability to determine the future of the entire crypto market. Summary of Bitcoin legality by Country Morocco is one of the most underbanked countries in the world. Most were intimidated by the banks, and as well as by fees. “Some traders just want the quick gain from cryptocurrencies. Morocco World News is dedicated to bringing the news of Morocco and the MENA region to a wide audience without bias or a political agenda. Article Sources. Central banks in most countries have warned citizens that Bitcoin and other cryptocurrencies are not legal tenders and not guaranteed by any government, therefore, any transactions are at the person’s own risk. Despite the ban, Morocco is among the four African countries where Bitcoin is traded the most, trailing only Nigeria, South Africa, and Kenya. Bitcoin Regulation in Africa. By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. Bitcoin n'est pas seulement légal ou illégal - en fait, dans de nombreux cas, il n'est tout simplement pas réglementé du tout. This category only includes cookies that ensures basic functionalities and security features of the website. Earlier this year, Ain Shams University in Egypt began offering graduate-level computer engineering courses in blockchain and crypto due to overwhelming student interest. It is mandatory to procure user consent prior to running these cookies on your website. The U.S. Peer-to-peer bitcoin trading volumes steadily increased in the country during the last three years. By signing up, you will receive emails about CoinDesk products and you agree to our, The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a, Chinese Crypto Traders Are Pouncing on SHIB Coin Known as ‘Doge Killer’, Ethereum Classic Demand Coming From Traders Covering Borrowed Positions: FundStrat, Dfinity’s ICP Token Price Goes Live on Coinbase Pro, Ether Price Pushes Past $4K for First Time, Approaches JPMorgan’s Market Value, ‘Call Me the Dogefather’: Elon Musk Explains Crypto to SNL’s Audience, Bitwise Launches ETF of 30 ‘Pure-Play’ Crypto Firms Like Coinbase, MicroStrategy, Solana Secures $60M Fund to Drive Growth in Emerging Markets, MoneyGram to Allow Bitcoin Buying and Selling Across Retail Network, US CPI Report Shows April Inflation Faster Than Expected, Highest Since 2008, Decentraland Founder Unveils Project of Bringing NFTs to ‘Big-Time’ Video Games. Riyadh hosted the World Blockchain Summit in 2018, a symposium for the “world’s brightest minds” in blockchain, cryptocurrency, and the digitized economy. Buy Bitcoin In Morocco We found 10 exchanges in Morocco. [2] 1. But opting out of some of these cookies may affect your browsing experience. Despite initial hesitation to embrace the cryptocurrency, the Arab world is slowly beginning to hop on the Bitcoin trend. Sharia Law This reaction may be because certain investments must be considered acceptable by Islamic Law, on which the jury is still undecided for Bitcoin and cryptocurrencies. Financial regulators continue to view cryptocurrencies with skepticism, even as the country’s central bank investigates the benefits of a government-issued national digital currency (CBDC). Douiri went on to explain how households did not want their neighbors to know they had a bank account because they may try to borrow money. Cryptocurrencies are banned in Morocco, but peer-to-peer bitcoin (BTC, -3.53%) trading platform LocalBitcoins is … Cryptocurrencies are banned in Morocco, but peer-to-peer bitcoin trading platform LocalBitcoins is reporting all-time trading highs this year. Bitcoin and Other Digital Currency Transactions Are Now Illegal in Morocco. Popular. Payment options on LocalBitcoins indicate the use of cash deposits and transfers to make bitcoin trades made via social media platforms like WhatsApp and Telegram. Speaking at the Africa Blockchain Summit in Rabat, capital city of Morocco, which was organized by the … Morocco World News: Championing Free Speech and Thoughtful Debate Through Journalistic Excellence. Bitcoin, along with other cryptocurrencies, has been banned in Morocco since 2017 amid concerns about the security risks of using “hidden” payment systems. Despite the growing crypto wave in the Middle East and North Africa, many Arab countries still aren’t sold on Bitcoin. These cookies do not store any personal information. A crypto trader who wished to remain anonymous recently told Morocco World News: “A technological revolution is taking place. We also use third-party cookies that help us analyze and understand how you use this website. “Overall, it seems like bitcoin’s positive trend and growing demand is untouched in Morocco. Please consider using a different web browser for better experience. Customers based in any of the major cities in Morocco are able to buy bitcoin from any of the exchanges on this page. … Asia – East Asia and the Pacific. Overall, Bitcoin remains in a legal gray area for much of the world. The Nepalese government banned bitcoin because one cannot track transactions. Bitcoin Legal and Regulatory Issues Cryptocurrencies such as Bitcoin exist in a deregulated marketplace as it is a decentralised digital currency with no single authority. LocalBitcoins also saw a 30% increase in user registrations between 2019 and 2020, with over 700 new accounts created, Blomberg said. Australia: Australians are liable for goods and service tax when they either buy or spend a digital currency.Customers could potentially bear this tax twice: when they buy the cryptocurrency and when they’ve utilized it in return for merchandise and ventures subject to that charge. Bitcoin purchases are rising despite a ban on cryptocurrencies in the North African country. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Last week, a digital services company MTDS introduced bitcoin as a mode of payment for its services in Morocco, according to a report. This website uses cookies to improve your experience while you navigate through the website. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. As of July 1st, 2020, there are no Bitcoin ATMs in Morocco to buy bitcoin in person. Tesla and SpaceX CEO Elon Musk made waves last week when he announced a $1.5 billion (13.4 billion MAD) investment in the currency and that Tesla will soon begin to accept Bitcoin as payment for its products. However, Bitcoin traders and advocates are hopeful Morocco’s crypto policy may be on the verge of changing. The United Arab Emirates is among the top 20 traders of Bitcoin worldwide, having moved $34 million (303 million MAD) worth in 2018. You don’t even need to have a bank account as you can use alternative modes of payment such as online wallets and … CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Banned: Cryptocurrencies are illegal; Bitcoin has been declared haram (prohibited under Islamic law) El Salvador: 2. Before getting started, an important disclosure. In the first place I chose the United States, this is a developed country with a … Although Moroccans were not allowed to directly purchase cryptocurrencies using their bank accounts, peer-to-peer lending facilitated cash for crypto trading. Illegal – If you live in the Northen African nation of Alergia, you aren’t allowed to buy, … But in April 2020, global cryptocurrency exchange Binance added support for purchasing crypto with Moroccan dirham. Look no further as Paxful, one of the world’s leading peer-to-peer cryptocurrency marketplaces, is now available in the country. 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