Topic: Bitcoin is Officially illeagal in Morocco - page 5. (Read 1799 times)

Most Governments Nowadays Are not Easily to Guess what's Running in Their mind. how Would you say so That Bitcoin is Illegal in your Country? Any Reasons why They Ban it? What's the News Within? Did The News Give Reason Why They Ban Bitcoin? Let us Know Mr.OP. or How About You Insert a Link To this Post Regarding To The Issue Here.

Honestly, its been one of my fears, that bitcoin would be banned in our country. There are many people who are making a good income from it and it will really have a big impact in the lives of those who are making a living from it. Though there is little chance that it might happen because our government is already looking for some ways to regulate it. For Morocco, maybe they will just lift their decision to ban cryptocurrency if they will see that the rest of the world are embracing it but since there are countries that are against it then they would just go with the flow.

It is very shocking news that a country like Morocco has illuminated Bitcoin. This will have a great impact on their economy. It is a very risky step and a wrong decision taken by Morocco government. This is not a fair decision to a virtual currency.

Maybe it is naive to think that governments and banks will allow people to step outside their system and disrupt it completely.
Besides that, 95% of the population has got no clue what is going on.
They only here Wild West stories about Bitcoin and Co and they have no idea what is about.
When the governments and central banks step in because they say the crypto's are a threat to the current money system and ban them because it is best for the people, 95% of the population will accept that explanation.

Can crypto's been banned?
If a government decides to make trading or possessing Bitcoins/crypto's illegal, questions will be raised about how exactly it will enforce such a ban.
It is impossible for a government to seize your Bitcoins/crypto's, unless you decide to handover your private keys.
However, the fast majority of citizens and institutions like to stay on the right side of the law.
So the demand for Bitcoin/crypto's would plummet if the government decided to ban it.
All exchanges in that country would also be shuttered and buying/selling Bitcoin/crypto's would be very difficult and risky without expert technical knowledge.
This would suffocate Bitcoin/crypto's in that country and the government’s objectives might be achieved.
Then central banks step in and offer their own crypto coin, how convenient for them.
No more cash and everybody is locked up in traceable digital digits.
Convert some of your crypto's in precious metals en hide them from your government.
They will be very valuable once all the cash is removed from the system eventually.
Just in case the scenario unfolds like described above.

Yes agree they must not completely ban its usage or declare it illegal a fair amount of control over its usage would be enough to ensure that people don't misuse cryptos. But sometimes govt. just take unhealthy decisions in lust of power. It is very well known that bitcoin is decentralized thus it indirectly threatens the whole system of Governments. Simple reason why they are against it.

Too bad, instead of going with the flow of new technology, this government takes the wrong decision. Bitcoin threatening their economy means that there's something wrong. If the economy is really going we'll, they shouldn't be afraid of people using Bitcoin. It's not that much people trading with Bitcoin that it could harm Marocco's economy.

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.

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.

  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 .