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.

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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.

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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.

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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.

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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.

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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.

DeathAngel

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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?

HelliumZ

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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.

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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.

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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.

As icalical said, too many people became users of the crypto space Roll Eyes

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.

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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.

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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.

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Quote from: Orpichukwu on November 26, 2024, 01:11:59 PM

Quote from: SickDayIn on November 26, 2024, 09:27:55 AM

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.

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.

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Quote from: kryptqnick on 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.

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.

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 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.

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Quote from: SickDayIn on November 26, 2024, 09:27:55 AM

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.

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.

Dave1

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Quote from: Maslate on November 26, 2024, 09:06:33 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.

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.

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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.

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

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Quote from: Justbillywitt on November 26, 2024, 12:37:52 PM

Quote from: bitzizzix on November 26, 2024, 10:27:56 AM

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.

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Quote from: bitzizzix on November 26, 2024, 10:27:56 AM

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.

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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.

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

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.

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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.

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

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.

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Quote from: Faisal2202 on November 26, 2024, 12:00:32 PM

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.

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.

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Quote from: SickDayIn on November 26, 2024, 09:27:55 AM

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.

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.

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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.

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.

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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.

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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

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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.

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Quote from: Maslate on November 26, 2024, 09:06:33 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.
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.

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That's a good news, especially for the crypto community of Morocco. Bitcoin is now in attention of every country, and there's chance that in coming days many other countries might also legalize Bitcoin.

In my opinion Bitcoin should be legalized all over the world, and then crypto community will grow at much faster rates, but we still don't know when something like that becomes a reality, as of now we can only wish for something like that.

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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.

And this applies to other countries that have done the same thing in the past, even making strict regulations. And then slowly they came to their senses, changed their minds and will change their decisions. And Trump's election has the potential to change many institutions and countries that changed their minds.

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Quote from: Maslate on November 26, 2024, 09:06:33 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.

They should be more grateful that their government has Bitcoin in mind even if it is a result of a global trend. Many North African countries and entire African countries have not taken any bold steps since the global hype and influence of US President Donald Trump. 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.

Honestly, their government may not be technically inclined toward Bitcoin this may be one thing that would make them feel that there is a great risk in legalizing Bitcoin. Aside from that they should care more about the advantages than the disadvantages. Since they will benefit more from the process. No technology does not have its Pros and Cons.

Quote from: SickDayIn on November 26, 2024, 09:27:55 AM

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.

There is an 80% possibility that they will legalize it from my research. We should be positive about it.

Anyway, am no Moroccan.

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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.

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

Firstly, this law with regulation in Morocco has not yet been adopted and it is not yet known how this area will be regulated (is it positive for crypto investors? unlikely). We should wait for the final adoption of this law.

Secondly, with the growth of the cost of bitcoin, some countries suddenly began to change their attitude towards bitcoin. I assume that this is due to the desire of governments to additionally tax the huge profits of crypto investors and certainly not for the favorable existence of investors.

And thirdly, there is nothing to say about CBDC, because it doesn't bode well for ordinary citizens due to the digital slavery that will arise with CBDC.

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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.

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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.

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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.

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

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