Peer-to-peer cryptocurrency trading in Morocco does not demonstrate any signs of slowing down. This country presently tops North Africa’s virtual currency trading volume.
We find it interesting to learn this report today about Morocco leading North Africa in Bitcoin trading. We think it shows that the flagship cryptocurrency and other virtual currencies are increasingly getting well-received worldwide.
According to the news posted online by Morocco World News, which delivers the latest business, culture, and tourism reports in North Africa, Casablanca, and Western Sahara, experts pointed to two factors driving the rise in peer-to-peer cryptocurrency trading in Morocco.
These elements are Fear Of Missing Out or FOMO and curiosity. Some cryptocurrency traders in Morocco view virtual currencies as a bank-free form of trading, while others benefit from the increasing speculative value of these cryptocurrencies.
The Bank Al-Maghrib is Morocco’s central bank, and it has proclaimed that its board was in the process of deliberating crypto-assets’ economic benefits.
In 2020, virtual currency ownership in Morocco reached all-time-high levels of US$2.18 million. This event demonstrated that the cryptocurrency owners did not get hindered by the coronavirus or COVID-19-induced economic crisis.
Additionally, cryptocurrency ownership reached 2.4 percent of Morocco’s population. According to cryptocurrency research platform Triple, Bitcoin trading in the Northern African country was the highest among North African countries last year. During that time, cryptocurrency trading in Morocco reached US$6 million.
This country is now the fourth-largest cryptocurrency trader in the African continent, behind Nigeria, South Africa, and Kenya.
Moreover, in Morocco, Bitcoin purchasing is increasing, despite the country’s ban on cryptocurrency, with trading platform LocalBitcoins confirming peer-to-peer trading reaching record-high levels on it in February last year.
Moroccans traded a volume near US$900,000 in Bitcoin in February alone. Additionally, virtual currency adoption is gaining momentum via a base effect with a 30 percent year-to-year rise in registration on the LocalBitcoins trading platform.
We are glad to learn about the increasing acceptance of Bitcoin and other cryptocurrencies in Morocco. We gathered that Morocco’s Exchange Office, which is this nation’s foreign exchange watchdog, prohibited cryptocurrency trading in 2017.
It regarded virtual currencies with skepticism. Nevertheless, with these latest figures, we believe cryptocurrency usage is unstoppable everywhere, including in Morocco.
Therefore, we recommend the Moroccan government look at this surging trend today. They should understand that international cryptocurrency adoption is at an all-time high, and criticizing and banning these virtual assets can prove to be a futile effort eventually.
We understand that cryptocurrencies’ widespread usage in cybercrimes and their intractability have been the main worries of governments and individual investors.
However, with the presence of regulators, we believe Morocco and other nations can support the adoption of cryptocurrencies, exploring these virtual assets’ benefits and how they can be among the rightful gateways to a revolutionized global financial system.