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Moroccan authorities warn of penalties for using of cryptocurrency

Morocco's foreign exchange authority has stated that the use of cryptocurrencies inside the country can lead to fines in accordance with the existing rules.

21.Nov.17 12:18 PM
By Daria Zaytseva


Moroccan authorities warn of penalties for using of cryptocurrency

The Office des Changes says that transactions made by using cryptocurrencies in Morocco represent a "violation of exchange rules," which are punishable by fines imposed in existing laws, the press release said.

The office also urges the general public to comply with the provisions of the foreign exchange rules, which stipulate that international financial transactions must be carried out through authorized intermediaries and only with foreign currencies listed by Al-Maghreb Bank, the central bank in the North Africa.

In the final note, Office des Changes indicates that along with the central bank of Morocco and the Professional Group of Banks of Morocco (GPBM), is following "with interest" the evolution of virtual currencies in the country.

Last week, the digital services company MTDS introduced bitcoin as a way of payment for its services in Morocco, the report said. It is not yet clear how the official statement will affect the firm.

The statement comes just a month after neighboring Algeria indicated that it could also prohibit cryptocurrencies, according to Huffington Post Algeria.

The proposed draft law on financing for 2018 in the country, which is currently being considered by the National People's Congress, would prohibit the possession of virtual currencies, such as bitcoin and their use in transactions.

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