Crypto Is Banned in Morocco, but Bitcion Buys Are Soaring

[Altcoin1998$]

Cryptocurrencies are banned in Morocco, but peer-to-peer bitcoin trading platform LocalBitcoins is reporting all-time trading highs this year.

February 2021 was the platform’s “best month ever” in Morocco in terms of trading volumes, according to LocalBitcoins Chief Marketing Officer Jukka Blomberg, who said approximately $900,000 worth of bitcoin was traded on the platform through the month. LocalBitcoins also saw a 30% increase in user registrations between 2019 and 2020, with over 700 new accounts created, Blomberg said.

Bitcoin purchases are rising despite a ban on cryptocurrencies in the North African country. In November 2017, Morocco’s Foreign Exchange Office informed the general public that  virtual currency transactions were an infringement on foreign exchange regulations and subject to sanctions and fines. 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). information

[lepbagong]

We can understand that there are still many countries that will continue to have bans that can happen at any time, because crypto is difficult to control and move on its own. many countries are frightening because of the possible abuse that occurs primarily as a means of laundering money and paying for drug trafficking.

All that remains is the regulations held by the country, because they can make rules that allow everything to be controlled by the government if they want and that is possible with regulations that can be tightened. because without clear rules, the government does not want to control, especially if it is prohibited then adding control will be even more difficult.

Pity the holders and investors who hold a lot of crypto with the prohibition rules because they are very disadvantaged, but as a more democratic country there will certainly be win-win solutions that can be done to keep it going well.