Bitcoin is Officially illeagal in Morocco - page 3.

H4M24

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Quote from: Ghondronk on February 26, 2018, 06:56:02 AM

Banned since November 2017

The Moroccan Foreign Exchange Office and the country's central bank have issued a public statement that transactions conducted through digital currency are banned and will be fined. Embarrassed

Any one caught having bitcoins will be punished according to the laws (laws that are sooo old that cant be applied anymore anymore)

Ghondronk

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https://exiptoken.io/

Banned since November 2017

The Moroccan Foreign Exchange Office and the country's central bank have issued a public statement that transactions conducted through digital currency are banned and will be fined. Embarrassed

MisterPrada

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Nassim Taleb: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade."

For those of you who dont recognize his name. He is seriously the greatest thinker in modern finance for about 200 years (no one would ever argue that he is not one of the great, he is in league of about 3 or 4 people). He coined the terms "black swan" and "antifragile." Brilliant writer and thinker.

This is great for Bitcoin because the country has a very significant impact on the market cap. But if Bitcoin continues to be used in Morocco, it will help to prove that govts can't stop Bitcoin.

H4M24

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Quote from: H4M24 on November 21, 2017, 11:27:43 AM

its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

A guy just just made a video on youtube digging into these laws and found that they were just nonsence ,there are no sign of them in the Moroccan constitution. So i guess we are safe.

Jating

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Quote from: Harlot on December 07, 2017, 04:04:19 AM

They all have personal views on Bitcoin it's just that Morocco has an infavorable one that could affect its citizens who are Bitcoin and cryptocurrency users. However nothing is permanent and anything illegal can be legalized the only thing they need to do is to see the positive effects of how Bitcoin and Altcoins can effect the economy of a country aside from that they need a politician who will stand with us in creating a law legalizing Bitcoin.

This is the sad part. The one that is really affected by countries banning bitcoin is their citizens. I'm sure that there are Moroccan bitcoin community and hearing this is very unfortunately. I think there's really benefit from the government standpoint, citizens trading bitcoin, earn money, have purchasing power in their country = economic growth. However, this kind of government doesn't bother to look at the bright side of bitcoin.

Quote from: jungwong on November 28, 2017, 02:40:53 AM

But making digital currency transactions illegal, it will be really difficult for Morocco to benefit from solutions based on blockchains and cryptocurrencies, since local startups are no longer allowed to work on any of them!!!!

I don't know about blockchain though. Blockchain is the underlying technology. Banks, who we all know hates bitcoin, but are very inclined towards blockchain technology because it has really lots of benefits. I hope that the Moroccan didn't turn their backs on blockchain. Not only banks but other industries as well can take advantage of it. If they completely shun away from bitcoin/blockchain, then they will be left out of the closet, while other nations are getting the best of out it and people making money. Its their lost.

Harlot

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They all have personal views on Bitcoin it's just that Morocco has an infavorable one that could affect its citizens who are Bitcoin and cryptocurrency users. However nothing is permanent and anything illegal can be legalized the only thing they need to do is to see the positive effects of how Bitcoin and Altcoins can effect the economy of a country aside from that they need a politician who will stand with us in creating a law legalizing Bitcoin.

Oo ako to

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Quote from: H4M24 on November 21, 2017, 11:27:43 AM

its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

That's a very unfortunate fate for Moroccans. I'm not really suprised after all because it it a small country and small countries often banned cryptos so this won't affect bitcoin anything at all.

jungwong

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But making digital currency transactions illegal, it will be really difficult for Morocco to benefit from solutions based on blockchains and cryptocurrencies, since local startups are no longer allowed to work on any of them!!!!

supandi wiharja

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Earn crypto for being contacted

I think this is a government decision that deserves appreciation, maybe the government has already considered its decision.
The decision of the Moroccan government will greatly affect the economy of his country and indeed this is a wrong step from the Government of Morocco.
After the Morocco government officially banned bitcoin, i became afraid the government in my country would follow the same decision.
While bitcoin has become the income of many people to meet their daily economic needs.

saevol

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Quote from: brontosaurus on November 21, 2017, 01:11:21 PM

Quote from: H4M24 on November 21, 2017, 11:27:43 AM

its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

Their regret is valid. Morocco is on its phase to development and can be termed as a developing economy. So if there is a constant use of bitcoin in their economy. Their currency would certainly get devalued. This would stop their inflation and reduce the pace of economic development. Moreover bitcoin makes it easy for people to evade taxes. Therefore, a small state without enough taxes would surely not prosper. This has provoked Govt. to take some strict steps against Cryptocurrency.

Vastraint

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Quote from: H4M24 on November 21, 2017, 11:27:43 AM

its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

I'm so sad to hear that another country stops bitcoin's innovation. Now I kind of doubting on the future of bitcoin, I just really hope the same thing won't happen in my country. I'm just lucky that I lived in a country where bitcoin is being accepted I guess, and that our governments see that it can bring good effects on our economy. But I don't think they can identify you that you are using bitcoin, so you don't need to worry that much. Unless they can identify every person who makes outgoing transactions using bitcoin.

By the way, thank you for the information, I soon want to travel the world but now Morocco is out of the picture. Grin

Megavolt220

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Quote from: pixie85 on November 24, 2017, 05:53:37 PM

Quote from: Megavolt220 on November 24, 2017, 11:51:23 AM

This is a hasty decision, and this applies to citizens or tourists too?

If it's officially illegal in the country it applies to everyone. You can have coins with you, but you can't trade, register a business that uses cryptocurrencies and such.
You probably wouldn't be able to legally have cryptocurrency in that country if not for its little feature. You don't have it with you when you enter the country, you only have a proof of ownership. You control it but you don't physically take it from place to place so it's impossible to ban it.

It is clear, then it is better not to tempt fate on vacation if there will drive that is better to do a $

veleten

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it is officially illegal,but one thing is to declare it illegal the other is to actually enforce it
I am sure this will hit the exchanges and businesses more than common folk
Marocco is not the largest of the countries and frankly,not the cryptocurrency main hub
people will continue to use bitcoin,just will be using foreighn exchanges and pay more in fees to convert to cash
in general,when the goverment decides to ban something,means they do not have other tools to regulate or influence it
sadly,maroccan goverment proven that they are shortsighted

Isaak Bitcoin

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Morocco is a country that, with all its will, will not be able to have a serious impact on the world economy. I noticed that underdeveloped countries prohibit crypto currency, because the rulers do not understand what it is and are afraid of everything new. Despite this, the cost of bitcoin is growing all the time.

whiteseven

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Bitcoiner should be careful when going to Morocco! Grin

/GeertJohan

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Quote from: H4M24 on November 21, 2017, 11:27:43 AM

its really a shoking news ,now we could go to jail for using any crypto currency and its just a retard decision knowing that its comming from the same country who kept boasting about launching their first satelite and being a future proof country... anyways for anyone comming to morocco be careful ,the prisons here are already crouded .

Yes, i also heard this news. Its really shocking news for bitcoin users. In morocco have issued statement that transaction made through any crypto will be punishable by fine.. It is also accentuate that the cryptocurrencies are used to illegal activities.. For this reason morocco is banned all the cryptocurrencies(not only bitcoins)..

Fatunad

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Quote from: Taki on November 24, 2017, 02:47:00 PM

Quote from: Fatunad on November 24, 2017, 09:34:48 AM

Quote from: countryfree on November 22, 2017, 05:03:31 PM

I'm not surprised. Morocco has very strict currency regulations. If you enter Morocco with, say $10,000, it's illegal to leave it with more than that. And it's even harsher with the local currency. I think you can't leave Morocco with $200 in dirhams, that's illegal.

Many other African countries have strict currency control.There could be others banning BTC.

I totally agree on this which i do observe too that they are too strict on currency control which isnt really surprising that they would really ban bitcoin since they can see it as a threat to their economy. As of now on this day i have seen threads which do officially declare that bitcoin is an illegal stuff. Its sad but those are their decision and we cant do anything about it and for those people who would plan to go on that small estate then be careful specially when you do involve on Bitcoin. Even on local fiat if they see that you are already violating then you would really be sued on that.

Right every country has it's own inside laws about currencies and it's regulation. Morocco has strong law base and I suppose by their laws decentralized currencies just can't be used on their territory or something like Island said towards crypto currencies regulation in their country - they simply counted crypto as foreign currency, which cannot be used in Island by the law. Must be something like that happen, I didn't see any detailed information and reasons of Morocco yet.

Even no matter how small a certain country it has a law and cant really be underestimate this is why we should respect on their decisions but its sad that bitcoin is already being prohibited and already illegalon that place. Morocco is just really a small place but laws cant be neglected.For sure there are lots of countries would folllow this path since we know every country do have different perspective when it comes to new things which they saw that it can really affect something on their ruling.

pixie85

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Quote from: Megavolt220 on November 24, 2017, 11:51:23 AM

This is a hasty decision, and this applies to citizens or tourists too?

If it's officially illegal in the country it applies to everyone. You can have coins with you, but you can't trade, register a business that uses cryptocurrencies and such.
You probably wouldn't be able to legally have cryptocurrency in that country if not for its little feature. You don't have it with you when you enter the country, you only have a proof of ownership. You control it but you don't physically take it from place to place so it's impossible to ban it.

Taki

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Quote from: Fatunad on November 24, 2017, 09:34:48 AM

Quote from: countryfree on November 22, 2017, 05:03:31 PM

I'm not surprised. Morocco has very strict currency regulations. If you enter Morocco with, say $10,000, it's illegal to leave it with more than that. And it's even harsher with the local currency. I think you can't leave Morocco with $200 in dirhams, that's illegal.

Many other African countries have strict currency control.There could be others banning BTC.

I totally agree on this which i do observe too that they are too strict on currency control which isnt really surprising that they would really ban bitcoin since they can see it as a threat to their economy. As of now on this day i have seen threads which do officially declare that bitcoin is an illegal stuff. Its sad but those are their decision and we cant do anything about it and for those people who would plan to go on that small estate then be careful specially when you do involve on Bitcoin. Even on local fiat if they see that you are already violating then you would really be sued on that.

Right every country has it's own inside laws about currencies and it's regulation. Morocco has strong law base and I suppose by their laws decentralized currencies just can't be used on their territory or something like Island said towards crypto currencies regulation in their country - they simply counted crypto as foreign currency, which cannot be used in Island by the law. Must be something like that happen, I didn't see any detailed information and reasons of Morocco yet.

GeorgeEden

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Patience and knowledge are gold.

Quote from: Kronos21 on November 21, 2017, 12:02:25 PM

Morocco is a very small state, and probably the use of bitcoin very quickly destroy its economy. There she was, and not now. There developed banking system. Of course the bankers can't compete with bitcoin and so they lobbied for such a law. Nothing to worry about. If desired the people of this country can go to the next region and to cash out your bitcoins.

so you mean they use their money to exchange with bitcoin so the money doesnt stay in their place and spend inside the country. Right?

Topic: Bitcoin is Officially illeagal in Morocco - page 3. (Read 1799 times)