Cryptocurrencies trading on surge in Morocco despite ban

Peer-to-peer bitcoin trading platforms have seen a rise in users from Morocco over the last three years despite a ban by the central bank of cryptocurrencies, coindesk.com said.

Quoting LocalBitcoins Chief Marketing Officer Jukka Blomberg, the website said that February 2021 was the platform’s “best month ever” in Morocco in terms of trading volumes, adding that approximately $900,000 worth of bitcoin was traded on the platform that month.

« LocalBitcoins also saw a 30% increase in user registrations between 2019 and 2020, with over 700 new accounts created,» Blomberg said.

Morocco’s foreign exchange regulator has warned in 2017 against transactions in cryptocurrencies and waved fines.

The central bank said it was investigating the benefits of cryptocurrencies but no decision in favor of them has been taken.

Morocco’s central bank continues to take a cautious approach due to the “speculative nature” of cryptocurrencies.