Morocco: Central Bank, Exchange Office warn of dangers of crypto-currency

Morocco’s central bank, Bank Al Maghrib (BAM), has again warned against the risks of crypto-currency, which remains illegal in the country.

Despite previous warnings regarding the risks associated with the use of virtual currencies such as Bitcoin, it has been established that some physical and moral persons continue to use this type of operation, said Bank Al-Maghrib, the Moroccan Capital Market Authority, and l’Office des Changes in a joint statement.

Using virtual currencies is an unregulated activity, characterized by a great volatility and lacking any protection for the consumer, especially since this system seems attractive and easy to use, said the joint statement.

It is also a process that can be used for illicit purposes, in particular money laundering or the financing of criminal activities.

The financial authorities urge the persons concerned to strictly comply with the regulations in force in this area.

Bank Al Maghrib and l’Office des Changes prohibit the use of such processes in order to protect the citizen against any legal drift or financial losses, the statement added.