Moroсco Outlaws Cryptocurrencies

Morocco has officially instituted a ban on transactions using cryptocurrencies, citing a lack of regulation as a ‘danger’ to users.

According to an official press release on its Office des Changes website, the country’s foreign exchange regulator took a firm stance on the use of cryptocurrencies in the country. A translation from French puts it simply:

“Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines.”

The stance taken by the North-west African Kingdom’s regulator spells bad news for Morocco Trade and Development Services. The digital service provider had previously announced that it would accept payments in Bitcoin a week ago.

The company has indicated that it will comply with the regulator’s ruling, but the company’s founder Karl Stanzik believes the regulator will struggle to curb the use of virtual currencies in the country…

Read Full: Moroсco Outlaws Cryptocurrencies