Morocco to legalize bitcoin and crypto again after ban in 2017

[PremiumcryptoHub]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:

“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”

https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report

[Maslate]

What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.

If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.

[SickDayIn]

The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."

So technically this hasn't actually happened yet, but it is good news indeed.

[m2017]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:

“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”

https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report

Firstly, this law with regulation in Morocco has not yet been adopted and it is not yet known how this area will be regulated (is it positive for crypto investors? unlikely). We should wait for the final adoption of this law.

Secondly, with the growth of the cost of bitcoin, some countries suddenly began to change their attitude towards bitcoin. I assume that this is due to the desire of governments to additionally tax the huge profits of crypto investors and certainly not for the favorable existence of investors.

And thirdly, there is nothing to say about CBDC, because it doesn't bode well for ordinary citizens due to the digital slavery that will arise with CBDC.

[Agbamoni]

What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.

If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.

They should be more grateful that their government has Bitcoin in mind even if it is a result of a global trend. Many North African countries and entire African countries have not taken any bold steps since the global hype and influence of US President Donald Trump. While we are waiting for it to be legalized more awareness should be created in other African countries because Bitcoin can help change the economy.

Honestly, their government may not be technically inclined toward Bitcoin this may be one thing that would make them feel that there is a great risk in legalizing Bitcoin. Aside from that they should care more about the advantages than the disadvantages. Since they will benefit more from the process. No technology does not have its Pros and Cons.

The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."

So technically this hasn't actually happened yet, but it is good news indeed.

There is an 80% possibility that they will legalize it from my research. We should be positive about it.

Anyway, am no Moroccan.

[bitzizzix]

It is too late and Morocco has missed out on many opportunities, innovations and benefits of Bitcoin, but it will still be good news like other countries that were against Bitcoin and then changed their minds too late because if they could have done it without waiting for Bitcoin to be widely adopted, they would have enjoyed the benefits already.

And this applies to other countries that have done the same thing in the past, even making strict regulations. And then slowly they came to their senses, changed their minds and will change their decisions. And Trump's election has the potential to change many institutions and countries that changed their minds.

[SamReomo]

That's a good news, especially for the crypto community of Morocco. Bitcoin is now in attention of every country, and there's chance that in coming days many other countries might also legalize Bitcoin.

In my opinion Bitcoin should be legalized all over the world, and then crypto community will grow at much faster rates, but we still don't know when something like that becomes a reality, as of now we can only wish for something like that.

[BIT-BENDER]

What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.

If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.

Well it's better late than never. Just has Donald Trump wasn't friendly with Bitcoin on his first time as president he is friendly with Bitcoin now so it's all Good. I think we are filling to see that Morocco is an Islamic country and they may have had some religious sentiments to over come before legalising Bitcoin or Crypto-currency in general.
What ever the case may be I believe it's time countries start to see that Bitcoin does them more good than harm. Legalising it doesn't mean the ban of their traditional Fiat system but giving an opportunity to a fast, effective, transparent form of financial transactions and services.

[Fiatless]

On Nov. 26, the United Kingdom’s top financial authority, the Financial Conduct Authority (FCA), shared a new roadmap to regulate cryptocurrencies by 2026, after revealing that over 12% of UK adults now hold crypto.

Europe has played a significant role in inspiring other countries to develop digital asset regulations.

The EU is preparing for the implementation of the world’s first comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), expected to go live at the end of 2024
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report

The projected positive outlook of cryptocurrencies by the next US government is gradually having a ripple effect on other countries. The UK and other European countries have begun to make robust regulatory laws. This crypto rave is gradually entering Africa (Morocco) and other countries may follow very soon.

[EL MOHA]

It's interesting to see how Morocco is shifting its stance on cryptocurrencies after such a strong ban in 2017. The global trend toward embracing digital currencies is unstoppable, with many countries reconsidering their policies. Even in places where crypto is technically illegal, people have found ways to trade and use it under the radar, which speaks volumes about its demand and utility. The move to legalize cryptocurrencies, along with the exploration of a CBDC, is a positive step for financial inclusion.

Once I saw the likes of China actually looking to relaxing their rules against bitcoin I was convinced most countries will follow suit. We might have been thinking what took them long but we all know what they want which is the centralization that was there to dear to them, many of this countries restricted it because of not only because they cannot control it but because of their religion stands and I think as they go on to see its use case and find out that it is basically just money with much better use case than fiat they have started leaning towards it.
I think should the USA relaxes some of their restrictions, other countries too will have a look at it too. The governments have now accessed CBDC and might hand seen that it’s no where near what bitcoin portrays

[kryptqnick]

The article links to a short report by Reuters, in which there's a mention of regulating crypto assets and of exploring a CBDC option. There isn't a single word on Bitcoin, and no mention of legalizing "all cryptocurrencies", as Cointelegraph article puts it. So, to me, it looks like biased reporting by Cointelegraph, misrepresenting information while citing a reputable source (Reuters). I don't know what Morocco will or will not do, but it's too early to be excited. Sometimes countries go for a CBDC, but not for lifting restrictions on Bitcoin, after all.

[Faisal2202]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

It's a good news for the moroccon citizens, and speaking of hey made it illegal but still people were trading, it's because they made it illegal but they did not regulated it, or impose strict rules and punishments for anyone caught practising any activites in crypto. Now they can openly do those activites, I just wonder sometimes why these countries tag one thing as illegal and after sometime tag it as legal.

IMO if a thing is illegal then it should be remain illegal as it deserve to be illegal in the first place like drugs etc. but if it don't deserve to be illegal then don't make it one. Can't understand the system of these countries even my country once made it legal and after that they made it illegal haha.

[FortuneFollower]

The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."

So technically this hasn't actually happened yet, but it is good news indeed.

Alas, let's see where that would lead us.
I do hope so that the draft will be passed and one more country would be joining us back at the opportunities ahead.

[hero_the_bossman]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

It's a good news for the moroccon citizens, and speaking of hey made it illegal but still people were trading, it's because they made it illegal but they did not regulated it, or impose strict rules and punishments for anyone caught practising any activites in crypto. Now they can openly do those activites, I just wonder sometimes why these countries tag one thing as illegal and after sometime tag it as legal.

IMO if a thing is illegal then it should be remain illegal as it deserve to be illegal in the first place like drugs etc. but if it don't deserve to be illegal then don't make it one. Can't understand the system of these countries even my country once made it legal and after that they made it illegal haha.

The law sometimes thinks that illegal-ing something, it would sway people to turn their backs on it or forget about it.
It was done with many things throughout history, yet in our age and with BTC - these restrictions are done with a note of salt and the thoughts behind them being - if you can't control it - don't allow it.
With time, that would change, of course, and I see the draft being pushed through with success.

[avikz]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:

“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”

https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report

It's good to see that the Central Bank of Morocco woke up suddenly after realising that they can't ban Bitcoin in reality. Bitcoin is structured in a way which makes it almost impossible to ban it in reality. So it's wise for any government to legalize it and impose some tax on it so that they earn some money out of it. Depriving the citizens from innovative things may backfire in future. Hopefully Morocco will come up with some laws favorable to the cryptos and its users.

[Spaceman1000$]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:

“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”

https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report

As an African, I'm not surprised by the initial stance of Morocco, most countries in this part of the world are always stringent when it comes to adapting to the new World order, which is why we are always coming to the party late. The good thing is that they've realized how unfortunate they've been with some of these unrealistic decision that was not well thought out that they took. However we are still waiting on the Central Bank of Morocco concerning when they will finally take the decision of legalising it.

[Justbillywitt]

It is too late and Morocco has missed out on many opportunities, innovations and benefits of Bitcoin, but it will still be good news like other countries that were against Bitcoin and then changed their minds too late because if they could have done it without waiting for Bitcoin to be widely adopted, they would have enjoyed the benefits already.

I don't really think that it is too late for Morocco, as a country to still benefit from bitcoin, I will even say that they are still early, because there are still many countries that are yet to take this bold step. Now that they have decided to legalize it, and bitcoin is still growing and there are still many things in store for bitcoin and the people that will adopt it. Any time someone wakes up and decide to become bitcoin friendly, the person or entity will surly benefit from it. For the government of Morocco they will start benefiting directly from taxes as their citizens has continued to invest and trade bitcoin. I think it is a good thing for the people of Morocco, if their government can successfully implement the bill, they won't have to hide to trade bitcoin anymore.

[FortuneFollower]

It is too late and Morocco has missed out on many opportunities, innovations and benefits of Bitcoin, but it will still be good news like other countries that were against Bitcoin and then changed their minds too late because if they could have done it without waiting for Bitcoin to be widely adopted, they would have enjoyed the benefits already.

I don't really think that it is too late for Morocco, as a country to still benefit from bitcoin, I will even say that they are still early, because there are still many countries that are yet to take this bold step. Now that they have decided to legalize it, and bitcoin is still growing and there are still many things in store for bitcoin and the people that will adopt it. Any time someone wakes up and decide to become bitcoin friendly, the person or entity will surly benefit from it. For the government of Morocco they will start benefiting directly from taxes as their citizens has continued to invest and trade bitcoin. I think it is a good thing for the people of Morocco, if their government can successfully implement the bill, they won't have to hide to trade bitcoin anymore.

Even if the gov would be just neutral towards BTC and crypto - that would be great too.
Just for the people to be safe and knowing they wouldn't be punished for being enthusiasts in their appropriate fields.
That's great and would be much appreciated, I imagine.

[Zoomic]

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

This is another example of Trump's influence in action. I always believed that once a global superpower embraced Bitcoin, other nations would follow suit, leading to Bitcoin becoming a household name worldwide. The Moroccan government deserves credit for acknowledging its previous stance may have been misguided. While Bitcoin is not yet legal in Morocco, I’m confident an official announcement recognizing its legality is coming soon. I just hope the forthcoming regulations will be of  benefits to both Moroccan Bitcoin enthusiasts and the government

[Dave1]

What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.

If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.

Yep, you might be right, they could be looking for tax, probably 30-40% so that is huge already. We can only speculate that Trump being a pro-Bitcoin president could have swayed Morocco's president.

But in any case, and for sure others could consider this as a welcoming news, regardless of what is the implications this is very positive. And then we can all argue that this could be closer to the adoption that we all wanted to see for Bitcoin. More countries adopting it, albeit, with tax but they could still join the bandwagon till 2025's bull run and new all time high. Hopefully they will have to approved it by that time.