Morocco first in North Africa for bitcoin trading

Morocco first in North Africa for bitcoin trading

Estimates from Triple A, a Singapore-based cryptocurrency provider and aggregator, say that 0.9 million people, or about 2.4% of Morocco's total population, currently own cryptocurrency. This places it as the top country in North Africa and among the top 50 holders of the largest percentage of the population owning cryptocurrencies, just ahead of Portugal.

Data from Useful Tulips, a platform that tracks BTC trading peer-to-peer worldwide, confirm the trend. Unfortunately for cryptocurrency enthusiasts, there has been no change in cryptocurrency laws in recent years. According to the Moroccan Foreign Exchange Office, the country will not support a "hidden payment system that is not supported by any financial institution". While the law went into effect in 2017, the ban hasn't hindered the adoption of cryptocurrencies, and as the data show, Moroccan enthusiasts continue to circumvent the ruling.

Meanwhile, the Egyptian pound is gaining on the dirham Moroccan for BTC trading. In 30 days, according to UsefulTulips, Egypt is only $ 20,000 from Morocco. Trading in BTC and cryptocurrencies in Egypt remains illegal, but even if a small percentage of its 102 million inhabitants and 360 billion dollars of GDP engaged in "illicit" activity, it would make a difference.

if (jQuery ("# ​​crm_srl-th_altra_d_mh2_1"). is (": visible")) {console.log ("Edinet ADV adding zone: tag crm_srl-th_altra_d_mh2_1 slot id: th_altra_d_mh2"); } To strengthen Morocco's green future, Harmattan Energy is ready to build one of the largest wind farms in Africa. The purpose of the wind farm of the 900 MW giant located in Dakhla, in the Sahara region, is to “power the blockchain computing”. As bitcoin mining and trading are currently outlawed, the group cannot openly declare bitcoin mining.

However, as Cointelegraph reported on the project's tender in 2018, sell at least 20% of the its electricity generation to the Moroccan government could be a viable solution. First results are expected from Harmattan at the end of the first quarter of this year.

Elsewhere, in April 2020, Binance added support for cryptocurrency purchases using Moroccan dirham via a third-party platform , Simplex. It works the same way Naira purchases for BTC do in Nigeria. It's not as easy to buy BTC on Binance as in neighboring UAE, which has a direct fiat ramp, but it's a promising start.

Time will tell if Moroccan lawmakers back down on the Bitcoin ban. At present, Morocco will continue to excel in North Africa when it comes to bitcoin traiding, even if it remains an underground business.

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