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Morocco’s Foreign Exchange Office and Central Bank have publicly threatened to fine digital currency transactions.
Morocco has joined an emerging list of nations prepared to condemn digital currencies, as its Foreign Exchange Office and Central Bank have now publicly issued a statement on cryptocurrencies and have threatened to fine any transaction made with digital currencies such as Bitcoin
In an official statement, the country’s Foreign Exchange Office elaborated that “Penalties and fines will apply to anyone engaging in transactions with foreign countries that do not go through authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib”.
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The Foreign Exchange Office elaborated that it sees cryptocurrencies as posing “significant risks for their users”, and that digital currencies leverage a “hidden payment system that is not backed by any financial institution.”
The Office has cited that cryptocurrency transactions constitute an “infringement of the exchange regulations” and would be punishable by penalties promulgated in current legislation.
The announcement comes days after digital services company MTDS announced that it would accept Bitcoin as payment for the very first time in the kingdom.
The Foreign Exchange Office offered, however, that it – in partnership with Bank Al-Maghrib and the Professional Group of Morocco’s Banks- has taken an interest in the evolution of digital currencies within the country.
The news has sees Morocco join a growing number of countries prepared to issue regulation on the use of digital currencies. Russian President Vladimir Putin has indicated that his government will regulate cryptocurrencies in favour of developing a CryptoRuble, while China recently issued sweeping bans on ICOs and Bitcoin exchanges operating within its borders.
Other nations, however, have embraced digital currencies; Taiwan recently opened its proverbial doors to both cryptocurrencies and ICOs, while Japan now houses an emerging number of Bitcoin exchanges.
Read: The International Monetary Fund may develop its own cryptocurrency
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