Morocco's foreign exchange authority claims that cryptocurrencies transactions within Morocco constitute an "infringement of the exchange regulations" that are punishable by penalties stated in current laws.
The office strongly encourages the public to comply with the rules of the foreign exchange, which stipulate that international financial transactions must be carried out through authorized intermediaries and only with the foreign currencies listed by the Bank Al-Maghrib, the central bank of Morocco.
This is a hidden payment system that is not backed by an organization, the use of virtual currencies entails significant risks for their users.
The Office des changes statement
Last week, MTDS, digital services company, started to introduce bitcoin as a way of payment for its services in Morocco. It is not yet clear how the official statement will affect the firm. It remains to be seem how the statement of the Office des Changes will affect the company.
However, the Office des Changes along with the central bank of Morocco and the Professional Group of Banks of Morocco (GPBM) – is closely following the evolution of virtual currencies in the country.