Morocco to legalize bitcoin and crypto again after ban in 2017

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Quote from: Agbe on November 28, 2024, 10:32:26 AM

Yes they are planning to adopt cryptocurrencies and regulate it for the country's use which is a good idea from the government. The Apex Bank (Central Bank) of Morocco now is concluding every necessary legislation to regulate them (cryptos) for all the commercial banks in the country to operate. And they want to use alongside with their Central Bank Digital Currency (CBDC) with cryptocurrency. Which is also a good idea. Because including their CBDC will enhance their local economy to the digital economy. And if they have good exchange rate then crypto traders will use their CBDC app to convert and also use it to trade crypto directly. And from there they will be collecting their commission as fee instead of using others in the country.

Sounds wonderful if it would go safe and sound.
But there is always an obstacle or two on the way to adoption, so let's see about that.
Maybe Morocco will be an example in their region.

fikrett

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Quote from: Z-tight on November 28, 2024, 11:19:30 AM

Good for people living in Morocco if this draft law is accepted, if it is then they no longer have to use crypto in secret, the country is also considering launching 'pro-surveillance' cbdc. I believe they recently had a change of heart regarding BTC and crypto because they can see the interest from the U.S. and European countries towards crypto and they do not want to be left behind, this feeling will also creep into other nations that have harsh laws towards BTC and crypto, so the future is bright.

First, it will be smaller ones, than, the ones in the middle, and maybe then - those who are considered developed.
Because smaller countries are much more likely to see the benefits that they could reap from crypto and BTC.

Z-tight

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Good for people living in Morocco if this draft law is accepted, if it is then they no longer have to use crypto in secret, the country is also considering launching 'pro-surveillance' cbdc. I believe they recently had a change of heart regarding BTC and crypto because they can see the interest from the U.S. and European countries towards crypto and they do not want to be left behind, this feeling will also creep into other nations that have harsh laws towards BTC and crypto, so the future is bright.

Agbe

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Yes they are planning to adopt cryptocurrencies and regulate it for the country's use which is a good idea from the government. The Apex Bank (Central Bank) of Morocco now is concluding every necessary legislation to regulate them (cryptos) for all the commercial banks in the country to operate. And they want to use alongside with their Central Bank Digital Currency (CBDC) with cryptocurrency. Which is also a good idea. Because including their CBDC will enhance their local economy to the digital economy. And if they have good exchange rate then crypto traders will use their CBDC app to convert and also use it to trade crypto directly. And from there they will be collecting their commission as fee instead of using others in the country.

arwin100

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Quote from: Accardo on November 27, 2024, 11:33:24 PM

Quote from: Zoomic on November 26, 2024, 01:00:02 PM

This is another example of Trump's influence in action. I always believed that once a global superpower embraced Bitcoin, other nations would follow suit, leading to Bitcoin becoming a household name worldwide. The Moroccan government deserves credit for acknowledging its previous stance may have been misguided. While Bitcoin is not yet legal in Morocco, I’m confident an official announcement recognizing its legality is coming soon. I just hope the forthcoming regulations will be of benefits to both Moroccan Bitcoin enthusiasts and the government

The world government work in common, and a greater power controls more influence on different nation's decisions. For the US government to consider holding Bitcoin, then other countries that disallowed crypto or btc when US was against it, will switch to follow the new decisions.

They're watching the market and notes down all the profits they would have made if Bitcoin was allowed in the country. Just like Elsavador is enjoying the market bullish run, and still stacking.

Usually they follow what US government implement and since they see that Trump administration is supporting bitcoin then maybe this make those official to decide to legalize the usage or transaction of bitcoin on their country again. This is another great development happen again with bitcoin since what Morocco do could provably strengthen the dominance of bitcoin.

If they just follow what El Salvador did for sure they are enjoying this moment where their investment grows more bigger. But they choose to be skeptical and now they are newly doing a fresh start then maybe they need many years to pass before they can see the result of their possible investment if they plan to spend some amount on bitcoin.

Accardo

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Quote from: Zoomic on November 26, 2024, 01:00:02 PM

This is another example of Trump's influence in action. I always believed that once a global superpower embraced Bitcoin, other nations would follow suit, leading to Bitcoin becoming a household name worldwide. The Moroccan government deserves credit for acknowledging its previous stance may have been misguided. While Bitcoin is not yet legal in Morocco, I’m confident an official announcement recognizing its legality is coming soon. I just hope the forthcoming regulations will be of benefits to both Moroccan Bitcoin enthusiasts and the government

The world government work in common, and a greater power controls more influence on different nation's decisions. For the US government to consider holding Bitcoin, then other countries that disallowed crypto or btc when US was against it, will switch to follow the new decisions.

They're watching the market and notes down all the profits they would have made if Bitcoin was allowed in the country. Just like Elsavador is enjoying the market bullish run, and still stacking.

shield132

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Quote from: PremiumcryptoHub on November 26, 2024, 08:55:41 AM

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

In many countries, Bitcoin is nor legal, nor illegal, it's in a grey zone, which is the best case in my mind because it means that people can use it without problems and don't have to pay additional taxes. When they make it legal, then they set taxes. Illegal is the worst case.

Quote from: Agbamoni on November 26, 2024, 10:18:58 AM

While we are waiting for it to be legalized more awareness should be created in other African countries because Bitcoin can help change the economy.

It can't help to change the economy unless they follow the path of El Salvador, which is very extreme and risky but Bitcoin adoption can help African Countries in many ways, for example, it can increase the demand on blockchain developers, attract lots of foreign investors and many crypto businesses will be created in African countries, which will benefit the local economy.

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Quote from: Stepstowealth on November 27, 2024, 09:44:14 AM

Quote from: ?? on ??

It's interesting how even with a ban, people in Morocco continued trading bitcoin in secret, it shows how strong the demand for crypto is. If the Central Bank is planning to legalize it now, that could be a big shift for the country. Legalization could bring clearer regulations, more security for users and open up new opportunities for businesses. But it'll depend on how they implement the laws, and people might stick to underground trading. I guess we'll have to wait and see how it plays out.

This is a big move for the people of Morocco and the entire crypto community. Bitcoin will always dominate the global financial system having that more people who understand it will always want to experience the rise in the value over time. I really have a strong feeling that maybe the Governor of Morocco central bank or a top official may have made significant profit from the very recent ATH of Bitcoin or saw it, but missed out because the news came out of some sort of excitement and serious deliberations amongst top officials. This is indeed a great move for Moroccans, and a kind of win for the crypto community.

As they have seen it, even China banning the use of crypto is now changing their stance in this market. They have realized that such action didn't affect the continuity of this market. Instead, this is growing and penetrating the mainstream financial market.
It is only a matter of time before these other countries which banned crypto that will open again their options to this digital currency.

WatChe

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Regulated cryptocurrency is not the same as digital money (which banks issue) or they are different? The governments have no objection on regulated cryptocurrencies that can be monitored for purposes like government monitoring or tax collections. There is very rear chance that governments will accept decentralised Bitcoin which can't be monitored or controlled. Already we have huge number of cryptocurrencies that are owned by companies or group of people and they have the capability to manipulate the code. To me there is cryptocurrency and regulated cryptocurrencies are two different thing.

Faisal2202

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Quote from: fullhdpixel on November 23, 2024, 11:51:20 AM

Not everything has to do with the influencers and mentors, sometimes you gotta make your own decisions and that's how people get rich. This is why people suggest others to keep staying away from all of this, there is no reason why you should be investing into crypto without understanding the full concept.

The newbies that follow these influencers have no clue what they are doing or why they are buying or selling something, they are just doing what they are told and that's not how you get rich. If it were that simple, we would be all rich and because of that the way to get rich is to learn yourself. Learning yourself is much harder and many people fail, they do not have the patience for it, and because of that we have very few people who are successful at trading.

Self confidence and self analysis is the most important thing to make good profit and there is nothing wrong in trying mentors, seniors, or VIPS groups to see how they are making profit. Once you will join them, you will see how they are marketing their trades like they made some big millions dollars in reward while their trades are only %10 or 20% up. With lowest knoweldge of Resistance and support a newbie can make trades and make %10 to 20% profit.

We don't even need to understand the full concept of the market as I said before a little information and experience is enough to get you started with little profits. One thing should be kept in mind that is, always value small profits. So there are many other expert advices that a person can give to newbie that's where mentors come helpful.

Patience and when to keep patience both have different meaning and the difference between them can make a person good money or can lose them lot of money. I think that's the main thing a trader should focus on.

Cookdata

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Quote from: PremiumcryptoHub on November 26, 2024, 08:55:41 AM

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

I don't trust teyur words a bit. If they want to legalize Bitcoin, they will do it and not just say. It's more like a faction is pushing for legality and not the entire frame of the central Bank. Beside, when government plans to do something in Africa and you see headlines like this, 100% chance is just because there is interest for making such announcements, Nigeria did the same thing during pre elections and then end up banning most of the exchanges in the country.

I don't trust these organizations but if and if my assumptions are wrong, then other part of Africans will look at how Morocco were able to confidently legalize Bitcoin, it's going to make people around the continent call for similar things especially Nigeria that you can't do ordinary p2p transactions talk more of using crypto exchange on your mobile phone, if Bitcoin is sighted on your phone by police officer, there is high chance of you been there victim of exploit.

Stepstowealth

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Quote from: ?? on ??

It's interesting how even with a ban, people in Morocco continued trading bitcoin in secret, it shows how strong the demand for crypto is. If the Central Bank is planning to legalize it now, that could be a big shift for the country. Legalization could bring clearer regulations, more security for users and open up new opportunities for businesses. But it'll depend on how they implement the laws, and people might stick to underground trading. I guess we'll have to wait and see how it plays out.

This is a big move for the people of Morocco and the entire crypto community. Bitcoin will always dominate the global financial system having that more people who understand it will always want to experience the rise in the value over time. I really have a strong feeling that maybe the Governor of Morocco central bank or a top official may have made significant profit from the very recent ATH of Bitcoin or saw it, but missed out because the news came out of some sort of excitement and serious deliberations amongst top officials. This is indeed a great move for Moroccans, and a kind of win for the crypto community.

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Quote from: Faisal2202 on November 27, 2024, 09:22:09 AM

Quote from: ? on November 26, 2024, 12:15:26 PM

The law sometimes thinks that illegal-ing something, it would sway people to turn their backs on it or forget about it.
It was done with many things throughout history, yet in our age and with BTC - these restrictions are done with a note of salt and the thoughts behind them being - if you can't control it - don't allow it.
With time, that would change, of course, and I see the draft being pushed through with success.

That's right to say, they want people to forget about it, which means in some countries once alcohol and drugs were illegal then they were legal but under regulations, so do they want people to not sway from it and want people to keep using them? Maybe they want that but that's an issue then.

They can't even control the economy, and what's the need to control everything? Oops, I almost forgot one fish in the pond can make the whole pound dirty. Now they are trying to make even BTC more centralized There are some videos and content on internet which is not that famous but very important like how big companies like MSTR, BR, etc. are donating to BTC devs to create new products for BTC but to keep them more centralized, and in short, even if we consider LN, if it would be more centralized then it would work more better. I might be wrong about a thing or few, but overall they aim to create a centralized hub of products and want to make them adopted on bigger levels too.

CBDCs are being developed for a reason.
Mark my words - big countries would rather go full in into them than into BTC simply due to the fact that they can control them freely.

Faisal2202

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Quote from: ? on November 26, 2024, 12:15:26 PM

The law sometimes thinks that illegal-ing something, it would sway people to turn their backs on it or forget about it.
It was done with many things throughout history, yet in our age and with BTC - these restrictions are done with a note of salt and the thoughts behind them being - if you can't control it - don't allow it.
With time, that would change, of course, and I see the draft being pushed through with success.

That's right to say, they want people to forget about it, which means in some countries once alcohol and drugs were illegal then they were legal but under regulations, so do they want people to not sway from it and want people to keep using them? Maybe they want that but that's an issue then.

They can't even control the economy, and what's the need to control everything? Oops, I almost forgot one fish in the pond can make the whole pound dirty. Now they are trying to make even BTC more centralized There are some videos and content on internet which is not that famous but very important like how big companies like MSTR, BR, etc. are donating to BTC devs to create new products for BTC but to keep them more centralized, and in short, even if we consider LN, if it would be more centralized then it would work more better. I might be wrong about a thing or few, but overall they aim to create a centralized hub of products and want to make them adopted on bigger levels too.

Miles2006

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All this information is still not approved although they’ve taken a good step realizing cryptocurrency is better compared to fiat system. Even with the idea of legalizing cryptocurrency they might not treat crypto same as fiat due to the threat stand against fiat, perhaps a large population of citizens already make use of digital currency despite the ban for example my country is not crypto friendly but, the funny part they’ve always tried to embrace crypto either in times of campaign, masses choice etc. This is actually a good turn for Morocco I guess this move might be triggered by different source seeing how bitcoin gained popularity including the growth within short period of time, well I’m sure other countries will follow suit.

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It looks like Morocco government had a change of heart after realizing that they are missing out on the opportunity given by Bitcoin. I think the Morocco government take notice of how the superpowers are welcoming Bitcoin and how they are eager to develop the infrastructure that deals with Bitcoin in their country.

I think Trump being the elected president of the US has a huge influence on why Morocco decided to change their stance on Bitcoin. This is another small push to increase the value of Bitcoin in the future.

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Countries with relatively low GDP, a not so thriving economy should be desperately scrambling to buy Bitcoin as a Strategic Reserve. Nation States will fight to buy Bitcoin, the smaller countries need to get a head start hecause once the big boys start buying they won’t be able to buy as many.

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Quote from: HelliumZ on November 27, 2024, 06:58:22 AM

Quote from: PremiumcryptoHub on November 26, 2024, 08:55:41 AM

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

There are many countries like Morocco where Bitcoin is illegal but the people of those countries spontaneously use and trade Bitcoin completely avoiding government taxes.
Morocco's central bank has legalized Bitcoin transactions, meaning that the country's government will now be able to tax bitcoins, increasing a source of revenue for the government.Since the people of Morocco use Bitcoin, the government's validation of Bitcoin has been good for both the government and the people.

But how they would be able to tax it?
When a person chooses to buy it from.. ATMs and such?

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Quote from: PremiumcryptoHub on November 26, 2024, 08:55:41 AM

In 2017 Morocco outlawed Bitcoin and other cryptocurrencies in their country. Even though they make it illegal in their country, still people in those countries are trading bitcoin and crypto currency under cover. Maybe this is normal because there are many countries around the world where Bitcoin is not legal yet there are many people in those countries who trade Bitcoin freely and secretly.

So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.

There are many countries like Morocco where Bitcoin is illegal but the people of those countries spontaneously use and trade Bitcoin completely avoiding government taxes.
Morocco's central bank has legalized Bitcoin transactions, meaning that the country's government will now be able to tax bitcoins, increasing a source of revenue for the government.Since the people of Morocco use Bitcoin, the government's validation of Bitcoin has been good for both the government and the people.

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Quote from: EarnOnVictor on November 27, 2024, 02:50:30 AM

Can you imagine? This shows one of the mistakes in governance, if there is no consistency of policy, then it means that there is doubt in the good leadership in government. It also shows that Morocco, like many other countries, did not understand Cryptocurrency before dealing harshly with it, what a pity!

But when Bitcoin is now shaming all of them, they are shifting ground. The world is revolutionizing and the faster we know the better for us. Any country that does not embrace Cryptocurrency, AI and Renewable energy will continue to see themselves aback.

Smaller countries are also more inclined to revamp what they said already due to the potential they see at last in the things you mentioned.
Those who are already good, up, and running without crypto and problems (bigger countries) - are harder nuts to crack, but if a problem can be solved by using crypto, AI, or natural energy via government pat on the head - it will be allowed and used accordingly.

Topic: Morocco to legalize bitcoin and crypto again after ban in 2017 (Read 494 times)