A recent data report from Singapore-based crypto platform Triple-A shows that Morocco is still atop of the North African Bitcoin (BTC) trading scene despite the country’s imposed ban on cryptocurrencies. According to Triple-A, about 2.4% of the total population in Morocco (approximately 900,000) currently holds cryptocurrencies. This puts the country ahead of all the nations found in North Africa and is currently among the top 50 holders of crypto in terms of population percentage worldwide.
As briefly mentioned above, Morocco is impressively keeping its seat atop the North African crypto trading scene despite the ban imposed by the Moroccan Foreign Exchange Office against the particular asset class. In November 2017, Morocco’s Foreign Exchange deemed crypto trading a “hidden payment system that isn’t supported by any financial body,” allowing it to facilitate would be an infringement of foreign exchange regulations, thus, the banning.
The now four yearlong ban remains as it is throughout the years, prompting crypto enthusiasts within the country to find avenues to which they can bypass the ruling. And as recent data implies, they have successfully done just that.
It remains unclear whether or not the Moroccan lawmakers would give in to the demand of its people and retract its imposed banning on cryptocurrencies, primarily BTC. Nevertheless, the Moroccan crypto space doesn’t show signs of slowing down soon. Say that the government remains adamant about continuing its crusade against cryptos. The Morocco crypto community is content to keep its underground activity well-oiled as it is as well.