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Morocco is number one for Bitcoin trading in North Africa

by Gordon James

Morocco is number one for Bitcoin trading in North Africa. For people interested in buying, selling and using cryptocurrency, the country has proven itself to be a welcoming place with two bitcoin ATMs currently operational as of March 2018.

Morocco is number one for Bitcoin trading in North Africa. Morocco has recently banned cryptocurrency, which could affect the country’s future as a leading crypto destination.

 

According to Triple A, a Singapore-based cryptocurrency distributor and aggregator, 0.9 million Moroccans, or around 2.4 percent of the entire population, hold cryptocurrency. 

This places the kingdom as the most populous nation in North Africa and in the top 50 countries with the highest proportion of cryptocurrency users, just ahead of Portugal.

The pattern is confirmed by data from Useful Tulips, a site that analyzes peer-to-peer BTC trade throughout the world. When measuring the whole Middle East and North Africa area, the Kingdom of the West, as it’s called locally, has been the runaway North African leader for BTC trading in the last year, pipped only by Saudi Arabia.

Regulators have not changed in recent years, which is unfortunate for crypto aficionados. Morocco’s Foreign Exchange Office has said that it would not tolerate a “hidden payment scheme supported by no banking institution.” While the prohibition was enacted in 2017, it has had little effect on adoption, as seen by the statistics. Moroccan crypto fans continue to defy the law.

For BTC trading, the Egyptian pound is gaining on the Moroccan dirham. Egypt is $20,000 shy of catching Morocco during a 30-day period, according to UsefulTulips. Trading Bitcoin and other cryptocurrencies is still illegal in Egypt, but even if a small proportion of the country’s 102 million people and $360 billion GDP indulge in the “illicit” activity, it will have an impact.

Harmattan Energy plans to create one of Africa’s biggest wind farms to help Morocco’s orange-tinted future. The 900MW wind farm near Dakhla, in the Sahara area, is designed to “power blockchain computers.” Because Bitcoin mining and trade are presently illegal, the organisation cannot publicly claim to be mining Bitcoin.

Since 2020, Africa’s cryptocurrency market has risen by more than 1,200 percent: Chainalysis

Nonetheless, as Cointelegraph revealed in 2018 when the project was put out to market, selling at least 20% of its power production to the Moroccan government might be a viable option. Harmattan’s first results are anticipated by the end of the first quarter of this year. 

Binance also launched support for crypto purchases using the Moroccan dirham through a third-party platform, Simplex, in April 2020. It operates in the same manner that Naira is used in Nigeria to pay for BTC work. It’s not as simple to purchase BTC on Binance as it is in the UAE, which has a direct fiat on-ramp, but it’s a start.

It would be interesting to see whether Moroccan politicians reverse their decision to prohibit Bitcoin. Morocco will continue to lead the push in North Africa, despite the fact that it is still a clandestine activity.

Morocco is number one for Bitcoin trading in North Africa. The country has been accepting the cryptocurrency since 2014, and it has become the most popular way to pay for goods and services within Morocco. Reference: morocco currency.

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