Morocco bans all Bitcoin transactions and digital currencies

Bitcoin

The government of Morocco has now officially declared a ban on the use of Bitcoin within the country.

In a press release issued by the Ministry of Finance, the government said:

In the context of the exercise of its missions of control of the operations of exchange, the Office des Changes has seen the use by some people physical and moral aspects of virtual currencies in the realization of their financial transactions.

The Office des Changes wishes to inform the general public that the transactions
via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by texts in force.

Also, the Office des Changes, exhorts the people concerned to comply with the provisions of the exchange regulations which stipulate that financial transactions with foreign countries must be made via authorized intermediaries and with foreign currencies listed by Bank Al-Maghrib.

This is a hidden payment system that is not backed by an organization the use of virtual currencies entails significant risks for their users.

Finally, the Office des Changes in collaboration with Bank Al-Maghrib and the Professional Group of Banks of Morocco follow with interest the evolution virtual currencies in Morocco.

This will be a major setback for users of Bitcoin and in general the digital currency community since the government said it is disallowing all virtual currency transactions.

Nigeria is the second largest digital currency market after South Africa, it is not yet certain how much in Bitcoin transaction takes place in Morocco.