Regulators moroccans incorporate penalties for the use of crypto-currency

In a recent press release, the authority of exchange of Morocco, said that the use of crypto-currencies in the country may result in penalties, pursuant to the rules in force.

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Future sanctions against the users of crypto-currencies

The Office des Changes says that transactions using crypto-currencies in Morocco constitute a ” violation of the exchange regulations “. This offence is punishable by specific penalties provided by the laws in force, said the press release. Thus, the board also urges the general public to comply with the provisions of the exchange control regulations. In effect, these provisions stipulate that international financial transactions should be carried out by authorised intermediaries and only with the foreign currencies mentioned in the list of the Bank Al-Maghrib, the central bank of morocco.

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A caution farm

In the press release, the Office des Changes also note the payment via the crypto-currency is ” a system of payment hidden that is not supported by an organization. “She also argues that the use of virtual currencies poses a significant risk to their users. In conclusion, the Office des Changes shows that he is following “with interest” the evolution of virtual currencies in the country. However, last week, a company of digital services called MTDS has integrated Bitcoin as a mode of payment for its services. It is not yet known how the declaration of the Office des Changes could affect the activities of the MTDS.

It is important to remember that this press release comes out just a month after that Algeria has indicated that it may ban crypto-currencies. Moreover, the draft finance law in the country for the year 2018, which is currently being examined by the national people’s Congress, would prohibit the possession of crypto-currencies and their use for transactions.

Source : Coindesk