In recent years, cryptocurrency has started gaining a lot of popularity and Bitcoin is the first widely adopted cryptocurrency. Some countries legalize the usage of cryptocurrency for money transactions in buying and selling things, on the other hand, countries like China, Turkey, Bolivia, Egypt, Indonesia, etc have banned this digital currency. Bitcoins cannot be classified as real money since they can only be used in digital transactions. You can easily send Bitcoins to one another through the internet using the recipient’s Bitcoin address and pressing the send button. Let’s know the answer to your question Does Morocco Accept Bitcoin?
Morocco has banned cryptocurrency and its usage since November 2017, but the records show that 2.5% of the population in Morocco use cryptocurrency for transferring money. Morocco is seen as the leading country in North Africa to use Bitcoins. The news has been confirmed by a Bruneian company called Triple-A.
Increased ownership of bitcoins by Moroccans
Morocco is one of the top 50 countries using cryptocurrency and it comes before Portugal in the list. This year has brought a 30% increase in the cryptocurrency accounts of the Moroccan population bringing 700 new additional accounts of Bitcoins.
The use of Bitcoins for personal or for commercial use is officially banned but still, it has not imposed any punishment for the Bitcoin users and the natives of Morocco still use them to transfer money as remittances.
Decred is one of the cryptocurrency brands and the community manager of this brand is Insaf Nori. Insaf Nori says that Moroccans are using cryptocurrency to follow the trend of curiosity and to become financially independent. They also want to use this online money like other developing countries.
Why has Morocco banned Bitcoins?
The first and main reason for banning bitcoins is the space it gives to the user. Transferring money through the internet using bitcoins is not controlled by any central bank. Hence, the government wants to keep a check on the transfer of money Moroccans do.
If people will start paying for money in these digital accounts, this will lessen the flow of different hard currencies such as dollars and euros in the country. Therefore, this can badly affect the foreign reserves of the country and eventually diminish them.
Can Moroccans Still Use Bitcoins After The Ban?
A country’s government can only ban the usage of cryptocurrencies but they cannot control it. Anyone in the world can use cryptocurrency as it doesn’t require any identification Id or sign-in. People will continue using it if they have access to a smartphone and the internet. No bank can control the digital transactions of Bitcoins and the only way to stop this is to cut off the internet supply from the country.
How To Buy Bitcoins In Morocco?
There are 8 more exchanges that enable you to buy bitcoins in Morocco.
The first step is to make an account of that exchange. After this, you need to give your identification details and pictures as a KYC ( Know Your Customer) process. Now you have to link your exchange account with your bank details so that you can transfer funds from your bank to the account. Once you have the funds available, you can then buy bitcoins. Don’t forget to transfer the bitcoins to your e-wallet later for security.
Bitcoins are getting more popular day by day but people are unaware of their advantages and drawbacks, hence, there is no clear view of the effects this cryptocurrency technology can cause on a particular country.
It’s still a mystery as to who created Bitcoin. All we know is that a person named Satoshi Nakamoto created it and there is no other identification of him. He created such a big and indestructible masterpiece that if the supercomputers of Google, Amazon, and Microsoft attempt to attack Bitcoin, there are more chances that they’ll fail.
Conclusion
Research and the records show that even though Morocco has banned using cryptocurrency, the Moroccan population still uses it to transfer money. The government has not taken any actions against these people.
FAQs
Q. What is Blockchain? Is it all about cryptocurrency?
Blockchain is a technology and cryptocurrency is one of its applications. It acts like a public ledger that keeps a record of all the users of bitcoins. Blockchain is not only about cryptocurrency but it also applies to real estate ownerships, digital IDs, votings, etc.
Q. What will I need if I want to invest in Bitcoin?
You will be purchasing bitcoin through a stockbroker so make sure you don’t provide any personal information as it will be stored in a file. You need to provide your identification and bank account details. Now, you just need to have a stable internet connection.
Q. How can I invest in Bitcoins?
First, you need to make an account in the Bitcoin exchange and then get your e-wallet. After that, connect your bank account with your wallet and start purchasing bitcoins. Now you can easily manage your Bitcoin investments.
Q. Can I convert Bitcoin to cash?
Yes, you can convert Bitcoin to cash but it will not be an easy process.
For that, you need to find a good and reputable exchange and make an account. Add funds to your account by transferring Bitcoin from your e-wallet. You can then easily cash out your money in your preferred currency by clicking on the convert button.
