Morocco leads North African countries in peer-to-peer Bitcoin transaction volumes and ranks fourth on the African continent. This is revealed by Triple, a cryptocurrency research platform.
With $ 900,000 worth of bitcoin traded on LocalBitcoins last February and a bitcoin trading volume of $ 6 million recorded last year, Morocco is the country with the highest bitcoin transaction volume in North Africa. in 2021, says Triple. 2.4% of the Moroccan population invests in cryptocurrencies, which places the kingdom in 4th place on the African continent, behind Nigeria, South Africa and Kenya. Despite the impact of Covid-19 on the economy, the volumes of Bitcoin exchanges between individuals have increased steadily in Morocco in recent years until reaching a record level of 2.18 million dirhams in 2020, fact notice the platform.
Cryptocurrencies are a hit in Morocco when the kingdom’s authorities have banned their use. In November 2017, the Foreign Exchange Office warned Moroccans that transactions in virtual currency violate foreign exchange regulations and are subject to penalties and fines. Financial regulators continue to display skepticism about the use of cryptocurrencies, as Bank Al-Maghrib (BAM) considers the creation of an e-dirham. Morocco has already adopted an institutional framework dedicated to the theme of Central Bank Digital Currency (CBDC).