Bitcoin is traded a lot in Morocco

The Kingdom of Morocco is the leader in Bitcoin (BTC) trading in North Africa in 2021, despite its illegal status.

Morocco in global top 50

New estimates of Triple A, a Singaporean cryptocurrency provider and aggregator, states that 0.9 million people, or about 2.4% of Morocco’s total population, currently own cryptocurrency.

That places the kingdom as the top country in North Africa. Also, that puts it in the top 50 cryptocurrency holder population percentage, just ahead of Portugal.

Facts from Useful Tulips, a platform that tracks peer-to-peer BTC trading around the world, confirm the trend. The Kingdom of the West, as it is known locally, has been the North African leader for BTC transactions for the past year.

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Bitcoin mining is prohibited for the time being

Unfortunately for crypto enthusiasts, there has been no change in crypto laws in recent years. According to the Moroccan Foreign Exchange Office, it will not support a “hidden payment system that is not supported by any financial institution”. Although the law came into effect in 2017, the ban has not hindered adoption. As the data shows, Moroccan crypto enthusiasts continue to evade the ruling.

A little further on, the Egyptian pound wins against the Moroccan dirham for BTC transactions. About the period of 30 days late UsefulTulips see Egypt short of $20,000 to overtake Morocco. It remains illegal to trade BTC and crypto in Egypt. But even if a small percentage of its 102 million inhabitants and $360 billion of GDP are engaged in the “illegal” activity, it will make all the difference.

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Back in Morocco, Harmattan Energy has set up one of Africa’s largest wind farms build. The goal of the massive 900MW wind site in Dakhla, the Sahara region, is to power “blockchain computing.” Since Bitcoin mining and trading is currently banned, the group cannot openly claim that it supports Bitcoin mining.

Nevertheless, selling at least 20% of electricity production to the Moroccan government could be a workable solution. Harmattan’s first results are expected at the end of the first quarter of this year.

Binance adds support for crypto

Elsewhere, in April 2020, added Binance supports crypto purchases using the Moroccan dirham through a third-party platform, Simplex. It works the same way as Naira purchases for BTC in Nigeria. Buying BTC on Binance is not yet as easy as it is in the nearby UAE, but it is a promising start.

We’re going to see if Moroccan lawmakers eventually come back to ban Bitcoin. As it stands, Morocco will continue to lead the charge in North Africa, even if it remains an underground activity.

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