Despite the lack of regulations (its use is not yet officially recognized), Morocco has become the leading North African country in Bitcoin trading in 2021. Triple A, a Bruneian company that imports and exports these cryptocurrencies, has revealed the fact that approximately 2.5% of the Moroccan population owns cybercurrencies.
The news has also been confirmed by several expert portals on this matter. Cointelegraph, another of the cryptocurrency carriers, has confirmed that Morocco is number one in North Africa, and also enters the ranking of the top 50 with more citizens holding this money, ahead of Portugal. The UsefulTulips platform has also confirmed the news, adding that The Alawite country is the second nation in the MENA region in Bitcoin trading, only surpassed by Saudi Arabia.
Bitcoins trading volumes have been growing progressively in the Kingdom for the last three years. LocalBitcoins claims that historical transfers of these coins have been reported in 2021 and claims that February was the best month ever. During that season, Jukka Blomber, the platform’s marketing director, said that around $ 900,000 had been moved in that month alone in the Alawite country. In addition, it confirmed that, compared to previous years, user registrations increased by 30%, with more than 700 new accounts created to use cryptocurrencies.
On the other hand, the use of cryptocurrencies in Morocco is constantly on the rise. LocalBitcoins collects that, from November 2017 to February 2021, the trading volumes on the platform have experienced a growth of 215%, which is why the race for the use of cryptocurrencies in Morocco is one of the things most demanded by the Moroccan users.
Morocco is one of the countries that are prohibited from cryptocurrencies and their use, both by institutions and by the Government. In the Kingdom, any commercial activity in which cryptocurrencies are involved is banned and prohibited. Today, there is still no clear regularization of this sector to allow its legal use within the country, but even so, the data reveals that Moroccans use this cyber money to make transactions among other matters.
The Moroccan Foreign Exchange Office already spoke at the time of the creation of laws that are in relation to cryptography, in which it is totally against. “Morocco will not admit a hidden payment system that is not backed by any financial institution”, according to the department. But its ban in 2017 has not posed any problem for users of the platform.
The ban is shared with more countries in the north of the African continent, such as Egypt. UsefulTulips stressed that this nation is also experiencing a virtual currency boom, adding that The Egyptian Pound Is About To Overtake The Dirham On Bitcoin Exchanges.
Moroccan law still does not allow its use, and it is still not clear what will happen in the future. But, even so, several companies that do trade with them are trying to invest them within Moroccan territory in order to support their legalization. One of these brands is Harmattan Energy, which is in the process of creating one of the largest wind farms in Africa in the city of Dakhla, and which would contribute 900 MW (megawatts). The downside of the Bitcoin ban has brought all construction to a standstill and the firm is still unable to carry out its project. The Government insists that this idea is not allowed to be carried out, but according to Cointelegraph reported in 2018, these could use at least 20% of the electricity generated by the park and may be a solution to implement the plan.
Many countries in Africa deny and prohibit the use of cryptocurrenciess. Several experts have spoken about the matter, since despite its ban, people are increasingly joining this trend. Insaf Nori, community manager of Decred -a cryptocurrency brand- affirms that Moroccans are making use of this money due to their curiosity and desire for financial autonomy, adding that this is replicated in all places that have vetoes to Bitcoin