Morocco authorities warn: penalties for using cryptocurrencies
Morocco's foreign exchange agency pointed out that the use of cryptocurrencies within the country can lead to criminal sanctions.
The Office of Change said in a statement that transactions that are listed within Morocco with crypto currencies, constitute a "violation of foreign exchange regulations" and this is punishable by current legal status.
The Authority urged citizens not to violate these provisions. Under Moroccan law, international transactions may only be conducted by intermediaries and in currencies previously approved by Bank Al-Maghrib, the country's central bank.
"This is a hidden payment system that is not supported by any organization. The benefits of virtual currencies pose a significant risk to their users. "
Nevertheless, the Office of the Change follows the development of cryptocurrencies with great interest. The authorities are not alone, because Morocco's central bank and the Professional Group of Banks of Morocco (GPBM) are interested in it.
Just last week, digital service provider MTDS added Bitcoin as the payment method for the Moroccan market. At the moment it is unclear how these statements of the Office of Change will influence the company.
The statement from Morocco comes just a month after neighbor Algeria announced that it might ban the use of cryptocurrencies.
In the budget law for 2018, which is currently being processed by the Congress of the country, the legal amendment could be enforced. This would also ban the possession of virtual currencies such as bitcoin and cryptocurrency transactions.
The Office of Change said in a statement that transactions that are listed within Morocco with crypto currencies, constitute a "violation of foreign exchange regulations" and this is punishable by current legal status.
The Authority urged citizens not to violate these provisions. Under Moroccan law, international transactions may only be conducted by intermediaries and in currencies previously approved by Bank Al-Maghrib, the country's central bank.
The opinion says about cryptocurrencies:
"This is a hidden payment system that is not supported by any organization. The benefits of virtual currencies pose a significant risk to their users. "
Nevertheless, the Office of the Change follows the development of cryptocurrencies with great interest. The authorities are not alone, because Morocco's central bank and the Professional Group of Banks of Morocco (GPBM) are interested in it.
Just last week, digital service provider MTDS added Bitcoin as the payment method for the Moroccan market. At the moment it is unclear how these statements of the Office of Change will influence the company.
The statement from Morocco comes just a month after neighbor Algeria announced that it might ban the use of cryptocurrencies.
In the budget law for 2018, which is currently being processed by the Congress of the country, the legal amendment could be enforced. This would also ban the possession of virtual currencies such as bitcoin and cryptocurrency transactions.
Post a Comment