Topic: [2017-11-22] Morocco Threatens Bitcoiners, Announces Ban (Read 2678 times)

Well they could auction these confiscated bitcoins as its happened in other parts of the world, so disposing wont be a problem but certainly not the best option for Morroco as this is the technology that will change the world and the good part is they might ban it but they wont stop people from using btc.

It's not just that. The country needs economy boosters because it's in deep shit. People are earning very low wages, their GDP is less than half of any European country, even though the country is huge. It's a typical example of an Arabic country. They either have a lot of oil that drowns them in money or they can't organize themselves to profit from  any other industry or trade.
This whole crypto war is only going to prove that they can't control it. Transactions will continue to be sent, they'd have to ban the Internet for it to stop.

To me personally Morocco has always been a rather conservative country so actions like this one don't surprise me. Sub-saharan african countries seem to be a lot more open to digital currencies. Banning bitcoin will hurt Morroco a lot more than it will hurt bitcoin. The whole bitcoin and crypto-ecosystem is growing rapidly and the same goes for all the opportunities. For their sake I hope they will come back on their decision when they've properly.

I think it scares them because more freedom for the people means less control they have. And they've been very succesful in shutting systems like this or centralizing systems that governments practically control them. But not this time. They they can't control it, they can't shut it down, they can't regulate it in a meaningful way.

First of all, Morocco certainly needs better virtual payment system as it is said more than $200,000 worth payments are passed virtually through Morocco each day but also accepting Bitcoin without any rules and regulations may dislocate the financial system. No doubt, Bitcoin has tremendous power but without rules it may turn out to be wild horse for the country. So, Morocco should certainly realize the potential of Bitcoin and then integrate into system with proper rules. Besides that, one should not underestimate the country by its area;
I think that surely gives it more importance as if a ban is imposed on this country it will undoubtedly have an impact on the neighboring countries as well.

Yes. Crypto in general could be a massive boost for Morocco, not just because of the people there buying Bitcoin and other coins, but mainly because of the fact that this is a growing industry, which creates jobs, creates opportunities for local economies there to develop, etc. It's blind rage to keep something out of their country that according to them doesn't belong there. It gives people too much freedom, and that's exactly what they aren't supposed to have, ever. The quote below shows how Badr understands what the main purpose of these bans are.

Quite often you see people say that governments do this to protect their people, that they do so to stop criminals, money laundering, bla bla, but that's all bullshit. It's the freedom aspect that only counts for the government, and they will do everything to make sure that people will not be able to get it. People however will always be able to buy themselves into Bitcoin if they so wish, nothing can stop them from doing so, not even harsh penalties.

While the decision itself may not have come as a surprise, what's puzzling is that it took so long to come, particularly when there are enough lessons to learn already from what the rest of the world is doing in terms of recognition. Morocco may always be slightly on the back foot with innovations to its financial structure, so one can't really blame the Ministry of Finance for its lack of resources to deal with possible regulation.

In that sense, an outright ban clears it from immediate expectations to regulate, although this may heap on the pressure for enforcement as surely Bitcoin traders won't take heed otherwise. Then they might find it even more cumbersome to chase down offenders who'll no doubt be able to easily take their trades farther away from prying eyes.

All the same, the authorities of Morocco in my opinion, I repeat the actions of China. As this will happen, they confiscate the bitcode and automatically become its owner, thereby violating the law, because it can not be disposed of.

Morocco needs Bitcoin and cryptocurrency more than the other way around. And that is the reason why Bellaj Badr is very much disappointed by the decision of those in authority not to allow Bitcoin to come into the country. I am sure that these people are just misinformed and they are just listening to one side of the story -- the side of Jamie Dimon and company. Have they not wondered why a rich country like Japan is embracing Bitcoin? I am sure it is not just because Bitcoin's creator has a name sounding like Japanese though that helped. Anyway, let's give this small country the time it needs...at the right time it can roll out the carpet for Bitcoin though it can not anymore claim the first-mover advantage.

Focus on the Use of Virtual Currencies (Mise au point au sujet de l’utilisation des monnaies virtuelles), published by a division of Morocco’s Ministry of Finance, has declared, “The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force.”

Morocco Bans Bitcoin

news.Bitcoin.com caught up with Bellaj Badr, CTO of Mchain and a blockchain consultant based in Marrakech, the country’s economic hub. “Although this decision comes as no surprise, I am very disappointed by this ban which harms the country’s image in Africa and worldwide,” Mr. Badr laments.

Government regulators issued stiff threats aimed at bitcoiners and cryptocurrency enthusiasts in the region, stating: “The Office des Changes exhorts the people concerned to comply with the provisions of the Exchange Regulations which stipulate that financial transactions with foreign countries must be made via authorized intermediaries and with foreign currencies listed by Bank Al-Maghrib,” the release scorned.

Channeling Orwell, the missive concludes, “The Office des Changes in collaboration with Bank Al-Maghrib and the Professional Group of Banks of Morocco follow with interest the evolution of virtual currencies in Morocco.”

Mr. Badr is incredulous. He told news.Bitcoin.com, “In fact, we are henceforth counted among the few countries which are illegalizing bitcoin and limiting people’s freedom.”

Tight Controls Get Tighter

Middle East Online reports Morocco to be a country “where foreign exchange flows are tightly controlled,” and “Local media outlets have estimated that virtual payments worth around $200,000 (170,000 euros) pass through Morocco each day, although an exact figure is extremely difficult to verify.”

“The announcement came a week after Moroccan digital services company MTDS said it would accept payment in bitcoin,” they detail. “MTDS said it was the first time the regulator had taken a clear position on bitcoin payments.”

The company’s head, Karl Stanzik, said it canceled the project shortly after the press release, wishing to “comply with Moroccan law,” and noted a bitcoin ban would be “very difficult to control.”

Mr. Badr agrees. “I think such decision is inculcated and nonconstructive, as it will not harm the growing adoption of bitcoin in Moroccan society but instead it will harm the ongoing innovative project aiming to harness the blockchain technology,” he said. “I am confident that this decision will change with time when the authorities understand the benefits they can reap from these technologies,” he predicted.

https://news.bitcoin.com/morocco/