NewsMorocco, number one in Bitcoin transactions in North Africa

Morocco, number one in Bitcoin transactions in North Africa


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).

The Moroccan Blog
The Moroccan Blog
The Moroccan Blog is an English based newsblog dedicated to Morocco. You can find here all news from Morocco across a variety of topics: Arts & Culture, Economy & Business, Lifestyle, Moroccan Sahara, MRE, Society, Tourism & Travel and more.

Latest news

Antony Blinken praises Morocco’s commitment to peace and security in the Middle East

The head of U.S. diplomacy, Antony Blinken had Tuesday, January 31, 2023, a telephone conversation with the Minister of...

Morocco: 10.9 million tourists in 2022

Some 10.9 million tourists visited Morocco during the year 2022, said in Rabat, the Minister of Tourism, Handicrafts and...

Air Arabia connects Fez to Weeze in Germany

This service will be effective from March 2, 2023, with prices "very competitive," announced the company in a statement. "No...

Must read

Here are the most popular tea brands for Moroccans

In Morocco, some 400 brands of tea are marketed...

Aeronautics: Swiss Pilatus chooses Morocco

Pilatus has just signed a contract with Sabca Maroc...

Apple soon at Morocco Mall

The apple brand will strengthen its presence in Morocco....

You might also likeRELATED
Recommended to you