Morocco’s Foreign Exchange Office recently banned cryptocurrencies, labeling crypto trading as a forex infringement. Despite the country’s crypto ban, peer-to-peer Bitcoin trading has continued to take place. Morocco’s local crypto trading platform reported record-breaking trading activity during February 2021. Experts estimate roughly nine hundred thousand dollars in Bitcoin tokens were traded within the last thirty days. From 2019 to the present, Bitcoin’s popularity grew by nearly thirty-one percent in the North African country.
Peer-to-peer platforms continue confidential transactions, with platforms like LocalBitcoin gaining hundreds of new users. Bitcoin’s 2020 price hikes triggered the cryptocurrency’s entry into mainstream financial markets. While cryptocurrencies slowly became accepted, several financial institutions flagged digital currencies as securities or financial hazards. Unlike fiat currencies, Bitcoin tokens lack federal insurance or real-time value. Morocco isn’t the only country seeking to ban cryptocurrencies. India’s Reserve Bank also has proposed legislation to ban crypto trading. The Central Bank of Nigeria also stands behind its decision to ban cryptocurrencies.