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Author Topic: Bitcoin is Officially illeagal in Morocco  (Read 1377 times)
H4M24
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November 21, 2017, 04:27:43 PM
 #1

 Huh its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .
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November 21, 2017, 05:02:25 PM
 #2

Morocco is a very small state, and probably the use of bitcoin very quickly destroy its economy. There she was, and not now. There developed banking system. Of course the bankers can't compete with bitcoin and so they lobbied for such a law. Nothing to worry about. If desired the people of this country can go to the next region and to cash out your bitcoins.
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November 21, 2017, 06:11:21 PM
 #3

Huh its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .
Their regret is valid. Morocco is on its phase to development and can be termed as a developing economy. So if there is a constant use of bitcoin in their economy. Their currency would certainly get devalued. This would stop their inflation and reduce the pace of economic development. Moreover bitcoin makes it easy for people to evade taxes. Therefore, a small state without enough taxes would surely not prosper. This has provoked Govt. to take some strict steps against Cryptocurrency.
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November 21, 2017, 06:20:32 PM
 #4

Too bad, instead of going with the flow of new technology, this government takes the wrong decision. Bitcoin threatening their economy means that there's something wrong. If the economy is really going we'll, they shouldn't be afraid of people using Bitcoin. It's not that much people trading with Bitcoin that it could harm Marocco's economy.

ahmad21
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November 21, 2017, 06:51:32 PM
 #5

Too bad, instead of going with the flow of new technology, this government takes the wrong decision. Bitcoin threatening their economy means that there's something wrong. If the economy is really going we'll, they shouldn't be afraid of people using Bitcoin. It's not that much people trading with Bitcoin that it could harm Marocco's economy.
Yes agree they must not completely ban its usage or declare it illegal a fair amount of control over its usage would be enough to ensure that people don't misuse cryptos. But sometimes govt. just take unhealthy decisions in lust of power. It is very well known that bitcoin is decentralized thus it indirectly threatens the whole system of Governments. Simple reason why they are against it.


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U. Sinclair
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November 21, 2017, 07:03:29 PM
 #6

Maybe it is naive to think that governments and banks will allow people to step outside their system and disrupt it completely.
Besides that, 95% of the population has got no clue what is going on.
They only here Wild West stories about Bitcoin and Co and they have no idea what is about.
When the governments and central banks step in because they say the crypto's are a threat to the current money system and ban them because it is best for the people, 95% of the population will accept that explanation.

Can crypto's been banned?
If a government decides to make trading or possessing Bitcoins/crypto's illegal, questions will be raised about how exactly it will enforce such a ban.
It is impossible for a government to seize your Bitcoins/crypto's, unless you decide to handover your private keys.
However, the fast majority of citizens and institutions like to stay on the right side of the law.
So the demand for Bitcoin/crypto's would plummet if the government decided to ban it.
All exchanges in that country would also be shuttered and buying/selling Bitcoin/crypto's would be very difficult and risky without expert technical knowledge.
This would suffocate Bitcoin/crypto's in that country and the government’s objectives might be achieved.
Then central banks step in and offer their own crypto coin, how convenient for them.
No more cash and everybody is locked up in traceable digital digits.
Convert some of your crypto's in precious metals en hide them from your government.
They will be very valuable once all the cash is removed from the system eventually.
Just in case the scenario unfolds like described above.
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November 22, 2017, 03:37:02 AM
 #7

It is very shocking news that a country like Morocco has illuminated Bitcoin. This will have a great impact on their economy. It is a very risky step and a wrong decision taken by Morocco government. This is not a fair decision to a virtual currency.

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jamids
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November 22, 2017, 04:00:28 AM
 #8

Honestly, its been one of my fears, that bitcoin would be banned in our country. There are many people who are making a good income from it and it will really have a big impact in the lives of those who are making a living from it. Though there is little chance that it might happen because our government is already looking for some ways to regulate it. For Morocco, maybe they will just lift their decision to ban cryptocurrency if they will see that the rest of the world are embracing it but since there are countries that are against it then they would just go with the flow.

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November 22, 2017, 05:05:08 AM
 #9

Huh its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

Most Governments Nowadays Are not Easily to Guess what's Running in Their mind. how Would you say so That Bitcoin is Illegal in your Country? Any Reasons why They Ban it? What's the News Within? Did The News Give Reason Why They Ban Bitcoin? Let us Know Mr.OP. or How About You Insert a Link To this Post Regarding To The Issue Here.

bitcoinisbest
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November 22, 2017, 05:33:58 AM
 #10

Another country which has banned the bitcoin. Now it seems country have become stricter and small or big they may consider it as a threat rather than an opportunity for the economy to boost it. As people will pay more tax on their earning from this coins.

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November 22, 2017, 01:02:07 PM
 #11

That's unfortunate. Lucky for me, im not one of the citizen there. Im free to buy and sell Bitcoin whenever i want to. Morroco is not a huge player for cryptocurrencies as far as i know. It's just a small percentage. We should be worried if Japan, US, Korea, China declared ban on cryptocurrencies at their territories. That's an annihilation to the cryptoworld because they are the biggest player of cryptocurrencies around the world. Also some other countries may influence them to follow the same steps also. Guess Morocco government is threatened by Bitcoin. Because it could destroy their banking system. Anyway, their decision is too much. They don't have the capability to regulate Bitcoin. Why don't just follow what other countries do? AML/KYC.

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November 22, 2017, 02:48:58 PM
 #12

Sad news, but even the government of Morocco knows it's not easy to control a ban on the country. People will find ways to continue using it without being tracked, it's a risk, indeed, but despaired people that are in need for money and don't have any other profitable investment or source to survive will have to take the risks and continue using Bitcoins. Maybe at some point the government will see the advantages of Bitcoin and revoke this ridiculous ban.

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November 22, 2017, 03:38:00 PM
 #13

is this an officially endorsed position with some real legislation or the usual thing where it's a central bank interpreting existing laws they have no control over? 9.9 times out of 10 it's the latter.
H4M24
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November 22, 2017, 05:27:18 PM
 #14

its official and was anounced by the Ministry of Economy and Finance , i have the announcement but its in arabic
and its a sure thing that they can't track all bitcoin users ,but if someone got caught somehow ,the will give em a hard time 
ZENC
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November 22, 2017, 08:04:15 PM
 #15

Huh its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

In less developed and middle-eastern countries, these conditions are normal. Great states like China can only make arrangements. The user in Morocco is already very few. It does not affect Bitcoin.

Protect your bitcoins.

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countryfree
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November 22, 2017, 10:03:31 PM
 #16

I'm not surprised. Morocco has very strict currency regulations. If you enter Morocco with, say $10,000, it's illegal to leave it with more than that. And it's even harsher with the local currency. I think you can't leave Morocco with $200 in dirhams, that's illegal.

Many other African countries have strict currency control.There could be others banning BTC.

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November 22, 2017, 10:41:18 PM
 #17

I'm not surprised. Morocco has very strict currency regulations. If you enter Morocco with, say $10,000, it's illegal to leave it with more than that. And it's even harsher with the local currency. I think you can't leave Morocco with $200 in dirhams, that's illegal.

Many other African countries have strict currency control.There could be others banning BTC.

Their tourism must be booming Wink

Up to 1,000 jihadists are thought to have been smuggled back to Morocco and Tunisia from the battlefields of Islamic State’s now crumbling caliphate. About 300 are thought to have returned to Morocco, from where six of the 12 terrorists who carried out the attacks in Catalonia are believed to have hailed.
https://www.theguardian.com/world/2017/aug/20/spain-terror-attacks-isis-morocco

The economic significance of Morocco is non existent, just like their influence on the bitcoin ecosystem. Their ban has given them most international press coverage since that Attack in Spain.

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November 22, 2017, 11:39:12 PM
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I'm not surprised. Morocco has very strict currency regulations. If you enter Morocco with, say $10,000, it's illegal to leave it with more than that. And it's even harsher with the local currency. I think you can't leave Morocco with $200 in dirhams, that's illegal.

Many other African countries have strict currency control.There could be others banning BTC.

Their tourism must be booming Wink

Up to 1,000 jihadists are thought to have been smuggled back to Morocco and Tunisia from the battlefields of Islamic State’s now crumbling caliphate. About 300 are thought to have returned to Morocco, from where six of the 12 terrorists who carried out the attacks in Catalonia are believed to have hailed.
https://www.theguardian.com/world/2017/aug/20/spain-terror-attacks-isis-morocco

The economic significance of Morocco is non existent, just like their influence on the bitcoin ecosystem. Their ban has given them most international press coverage since that Attack in Spain.
The terrorists could be from any country. The poorer the country the less educated it people, and easier to recruit to carry out terrorist attacks. I do wonder a hundred Moroccan authorities are interested in cryptocurrency. The fact that various governments trying to fight bitcoin only convinces me that we are on the right track.
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November 23, 2017, 12:17:44 AM
 #19

Seems that the banks are already heavily invested in Bitcoin, they will never be able to fully unstop it.
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November 23, 2017, 12:21:41 AM
 #20

is this an officially endorsed position with some real legislation or the usual thing where it's a central bank interpreting existing laws they have no control over? 9.9 times out of 10 it's the latter.

Without a link this news is useless. Why do I come here?

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