Morocco’s Financial Regulators Issue Fresh Warning Against Bitcoin Use

In a statement, Bank Al Maghrib, the Moroccan Capital Market Authority as regulatory bodies and the Foreign Exchange Office are surprised that despite the many warnings, individuals and legal entities continue to use this type of process, while knowing the risks they incur, since it is an "unregulated activity and characterized by high volatility which causes a lack of any protection for the consumer, all the more so as this system appears attractive and easy to use," reports La MAP.

The financial authorities are especially sounding the alarm because some users are using this process for illicit purposes, particularly for money laundering or the financing of criminal activities. This is why they call on individuals and legal entities concerned to strictly comply with the regulations in force.