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.
Topic: Morocco to legalize bitcoin and crypto again after ban in 2017 - page 2. (Read 494 times)
November 27, 2024, 02:50:30 AM
November 27, 2024, 01:46:52 AM
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.
As icalical said, too many people became users of the crypto space
So something needed to be done, surely. And I do see they push mostly for CDBC, rather than for BTC. Because they would be able to control it.
Only time would be able to tell.
November 27, 2024, 01:36:20 AM
My take is that Central Bank of Morocco finally made a framework to approve and regulate crypto in the country, giving maximum protection for crypto users, especially against scamsThe policy change comes when the total number of crypto holders within Morocco was more than 1.5 million people during 2022 despite it being banned.
https://www.unlock-bc.com/95101/moroccos-central-bank-announces-completion-of-bill-to-regulate-use-of-cryptocurrencies/
But let's not get too excited, Morocco isn't just opening its doors to every form of crypto without critique. While that sounds promising, changes in regulation can take a long time, and how crypto will be regulated is still under discussion. Bitcoin legalization sure will come, but it's not in near future.
https://www.unlock-bc.com/95101/moroccos-central-bank-announces-completion-of-bill-to-regulate-use-of-cryptocurrencies/
But let's not get too excited, Morocco isn't just opening its doors to every form of crypto without critique. While that sounds promising, changes in regulation can take a long time, and how crypto will be regulated is still under discussion. Bitcoin legalization sure will come, but it's not in near future.
November 26, 2024, 11:58:15 PM
That is a great news for the Morrocans. Gradually the world will adopt bitcoin, Just a Matter of time just that most of this countries government are just being negative about bitcoin because of its decentralized nature. The government want a financial system that is centralised that can be manipulated. And since it can't be manipulated they place ban or speak negatively about it. But I believe with time most of this countries that says negative things about bitcoin will come into realisation that bitcoin has come to stay, and its the best asset to invest in.
November 26, 2024, 10:55:51 PM
The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."
So technically this hasn't actually happened yet, but it is good news indeed.
According to what I have read, the statement is centred on giving and creating room for central bank digital currency and not crypto currency in general. Draughting a law for CBDC could also create room for crypto laws too, or it could possibly be part of the laws that are currently being reviewed. So technically this hasn't actually happened yet, but it is good news indeed.
But until then, let's watch and see, but it's a bold step and a good thing that countries are finally seeing the light on crypto currency and not just scrutinising them in the wrong direction.
it's two different decisions, aside from regulating crypto this was also mentioned in the article.
Quote
Morocco’s central bank is also exploring a potential central bank digital currency (CBDC).
CBDC is basically their central bank's version of digital currency, and now they’re also planning to legalize crypto for regulation. Both fall under digital currency rules, but they’ll probably have different sets of guidelines.What’s exciting, though, is that crypto will soon be legal in this country, meaning people won’t have to hide their activities anymore. This move could bring a fresh boost to the crypto market overall, opening the doors for more adoption and growth.
November 26, 2024, 02:22:21 PM
The article links to a short report by Reuters, in which there's a mention of regulating crypto assets and of exploring a CBDC option. There isn't a single word on Bitcoin, and no mention of legalizing "all cryptocurrencies", as Cointelegraph article puts it. So, to me, it looks like biased reporting by Cointelegraph, misrepresenting information while citing a reputable source (Reuters). I don't know what Morocco will or will not do, but it's too early to be excited. Sometimes countries go for a CBDC, but not for lifting restrictions on Bitcoin, after all.
Even though there is no BTC word there but when they say crypto, BTC is already included there. Regulating crypto doesn't mean banning it. They allow it but with some restrictions now. For me, I don't see a biasness there and they even have a source to prove it. As the title says, Morocco will now legalize BTC and crypto, so this is really exciting.The law sometimes thinks that illegal-ing something, it would sway people to turn their backs on it or forget about it.
It depends if how long they are attached to that thing. If it was a long time, then it is not easy for them to forget about it. There are still that continue dealing with it. They just find a way even if it is risky. That is how addicted they are to that thing. 
November 26, 2024, 01:11:59 PM
The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."
So technically this hasn't actually happened yet, but it is good news indeed.
According to what I have read, the statement is centred on giving and creating room for central bank digital currency and not crypto currency in general. Draughting a law for CBDC could also create room for crypto laws too, or it could possibly be part of the laws that are currently being reviewed. So technically this hasn't actually happened yet, but it is good news indeed.
But until then, let's watch and see, but it's a bold step and a good thing that countries are finally seeing the light on crypto currency and not just scrutinising them in the wrong direction.
November 26, 2024, 01:05:34 PM
What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.
If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.
If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.
Yep, you might be right, they could be looking for tax, probably 30-40% so that is huge already. We can only speculate that Trump being a pro-Bitcoin president could have swayed Morocco's president.
But in any case, and for sure others could consider this as a welcoming news, regardless of what is the implications this is very positive. And then we can all argue that this could be closer to the adoption that we all wanted to see for Bitcoin. More countries adopting it, albeit, with tax but they could still join the bandwagon till 2025's bull run and new all time high. Hopefully they will have to approved it by that time.
November 26, 2024, 01:00:02 PM
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.
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 governmentSo recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.
November 26, 2024, 12:42:35 PM
It is too late and Morocco has missed out on many opportunities, innovations and benefits of Bitcoin, but it will still be good news like other countries that were against Bitcoin and then changed their minds too late because if they could have done it without waiting for Bitcoin to be widely adopted, they would have enjoyed the benefits already.
I don't really think that it is too late for Morocco, as a country to still benefit from bitcoin, I will even say that they are still early, because there are still many countries that are yet to take this bold step. Now that they have decided to legalize it, and bitcoin is still growing and there are still many things in store for bitcoin and the people that will adopt it. Any time someone wakes up and decide to become bitcoin friendly, the person or entity will surly benefit from it. For the government of Morocco they will start benefiting directly from taxes as their citizens has continued to invest and trade bitcoin. I think it is a good thing for the people of Morocco, if their government can successfully implement the bill, they won't have to hide to trade bitcoin anymore.Even if the gov would be just neutral towards BTC and crypto - that would be great too.
Just for the people to be safe and knowing they wouldn't be punished for being enthusiasts in their appropriate fields.
That's great and would be much appreciated, I imagine.
November 26, 2024, 12:37:52 PM
It is too late and Morocco has missed out on many opportunities, innovations and benefits of Bitcoin, but it will still be good news like other countries that were against Bitcoin and then changed their minds too late because if they could have done it without waiting for Bitcoin to be widely adopted, they would have enjoyed the benefits already.
I don't really think that it is too late for Morocco, as a country to still benefit from bitcoin, I will even say that they are still early, because there are still many countries that are yet to take this bold step. Now that they have decided to legalize it, and bitcoin is still growing and there are still many things in store for bitcoin and the people that will adopt it. Any time someone wakes up and decide to become bitcoin friendly, the person or entity will surly benefit from it. For the government of Morocco they will start benefiting directly from taxes as their citizens has continued to invest and trade bitcoin. I think it is a good thing for the people of Morocco, if their government can successfully implement the bill, they won't have to hide to trade bitcoin anymore. 
November 26, 2024, 12:37:07 PM
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.
As an African, I'm not surprised by the initial stance of Morocco, most countries in this part of the world are always stringent when it comes to adapting to the new World order, which is why we are always coming to the party late. The good thing is that they've realized how unfortunate they've been with some of these unrealistic decision that was not well thought out that they took. However we are still waiting on the Central Bank of Morocco concerning when they will finally take the decision of legalising it. So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.
Quote
Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”
November 26, 2024, 12:32:12 PM
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.
So recently the Central Bank of Morocco has said it will legalize all cryptocurrencies.
Quote
Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”
It's good to see that the Central Bank of Morocco woke up suddenly after realising that they can't ban Bitcoin in reality. Bitcoin is structured in a way which makes it almost impossible to ban it in reality. So it's wise for any government to legalize it and impose some tax on it so that they earn some money out of it. Depriving the citizens from innovative things may backfire in future. Hopefully Morocco will come up with some laws favorable to the cryptos and its users.
November 26, 2024, 12:15:26 PM
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.
It's a good news for the moroccon citizens, and speaking of hey made it illegal but still people were trading, it's because they made it illegal but they did not regulated it, or impose strict rules and punishments for anyone caught practising any activites in crypto. Now they can openly do those activites, I just wonder sometimes why these countries tag one thing as illegal and after sometime tag it as legal. IMO if a thing is illegal then it should be remain illegal as it deserve to be illegal in the first place like drugs etc. but if it don't deserve to be illegal then don't make it one. Can't understand the system of these countries even my country once made it legal and after that they made it illegal haha.
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.
November 26, 2024, 12:11:04 PM
The article does say: "Morocco’s central bank, Bank Al-Maghrib, has prepared a draft law for cryptocurrency regulation, which is currently being reviewed."
So technically this hasn't actually happened yet, but it is good news indeed.
So technically this hasn't actually happened yet, but it is good news indeed.
Alas, let's see where that would lead us.
I do hope so that the draft will be passed and one more country would be joining us back at the opportunities ahead.
November 26, 2024, 12:00:32 PM
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.
It's a good news for the moroccon citizens, and speaking of hey made it illegal but still people were trading, it's because they made it illegal but they did not regulated it, or impose strict rules and punishments for anyone caught practising any activites in crypto. Now they can openly do those activites, I just wonder sometimes why these countries tag one thing as illegal and after sometime tag it as legal. IMO if a thing is illegal then it should be remain illegal as it deserve to be illegal in the first place like drugs etc. but if it don't deserve to be illegal then don't make it one. Can't understand the system of these countries even my country once made it legal and after that they made it illegal haha.
November 26, 2024, 11:53:40 AM
The article links to a short report by Reuters, in which there's a mention of regulating crypto assets and of exploring a CBDC option. There isn't a single word on Bitcoin, and no mention of legalizing "all cryptocurrencies", as Cointelegraph article puts it. So, to me, it looks like biased reporting by Cointelegraph, misrepresenting information while citing a reputable source (Reuters). I don't know what Morocco will or will not do, but it's too early to be excited. Sometimes countries go for a CBDC, but not for lifting restrictions on Bitcoin, after all.
November 26, 2024, 11:20:03 AM
It's interesting to see how Morocco is shifting its stance on cryptocurrencies after such a strong ban in 2017. The global trend toward embracing digital currencies is unstoppable, with many countries reconsidering their policies. Even in places where crypto is technically illegal, people have found ways to trade and use it under the radar, which speaks volumes about its demand and utility. The move to legalize cryptocurrencies, along with the exploration of a CBDC, is a positive step for financial inclusion.
Once I saw the likes of China actually looking to relaxing their rules against bitcoin I was convinced most countries will follow suit. We might have been thinking what took them long but we all know what they want which is the centralization that was there to dear to them, many of this countries restricted it because of not only because they cannot control it but because of their religion stands and I think as they go on to see its use case and find out that it is basically just money with much better use case than fiat they have started leaning towards it.
I think should the USA relaxes some of their restrictions, other countries too will have a look at it too. The governments have now accessed CBDC and might hand seen that it’s no where near what bitcoin portrays
November 26, 2024, 11:18:15 AM
Quote
On Nov. 26, the United Kingdom’s top financial authority, the Financial Conduct Authority (FCA), shared a new roadmap to regulate cryptocurrencies by 2026, after revealing that over 12% of UK adults now hold crypto.
Europe has played a significant role in inspiring other countries to develop digital asset regulations.
The EU is preparing for the implementation of the world’s first comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), expected to go live at the end of 2024
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report
The projected positive outlook of cryptocurrencies by the next US government is gradually having a ripple effect on other countries. The UK and other European countries have begun to make robust regulatory laws. This crypto rave is gradually entering Africa (Morocco) and other countries may follow very soon. Europe has played a significant role in inspiring other countries to develop digital asset regulations.
The EU is preparing for the implementation of the world’s first comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), expected to go live at the end of 2024
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report
November 26, 2024, 11:02:32 AM
What took them so long? They’ve already missed a huge revenue opportunity. This action was probably influenced global trend now and also maybe by Trump’s statement about considering Bitcoin as a legal reserve. In addition, they’re likely seeing institutional investors entering the space. In fact, the market is already so wide and globally recognized.
If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.
Well it's better late than never. Just has Donald Trump wasn't friendly with Bitcoin on his first time as president he is friendly with Bitcoin now so it's all Good. I think we are filling to see that Morocco is an Islamic country and they may have had some religious sentiments to over come before legalising Bitcoin or Crypto-currency in general.If they still feel the risk, then it’s clear the government lacks leaders with brilliant ideas. Risks can always be managed, but the potential tax revenue is something they shouldn’t overlook.
What ever the case may be I believe it's time countries start to see that Bitcoin does them more good than harm. Legalising it doesn't mean the ban of their traditional Fiat system but giving an opportunity to a fast, effective, transparent form of financial transactions and services.
Jump to: