Morocco's Foreign Exchange Office has stated that the use of cryptocurrencies within the country can lead to penalties, CoinDesk reported.
“Penalties and fines will apply to anyone engaging in transactions with foreign countries that do not go through authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib (central bank of Morocco),” the Foreign Exchange Office warned in a statement.
The authority warned that cryptocurrencies work within a “hidden payment system that is not backed by any financial institution.”
It also emphasized that “the use of cryptocurrencies entails significant risks for their users,” as cryptocurrencies could be linked to illegal activities on the web, in particular the purchase and sale of drugs, weapons, and ransomware.
In a concluding note, the Office indicated that it – along with the central bank of Morocco and the Professional Group of Banks of Morocco (GPBM) – is following "with interest" the evolution of virtual currencies in the country.
The announcement comes a few days after the digital services company MTDS announced that it would accept Bitcoin as payment for the first time in the kingdom.