Investors in Morocco still buy Bitcoin steadily despite the ban on the state

Investors in Morocco still buy Bitcoin steadily despite the ban on the state


2021-03-26 14:49:02

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Bitcoin’s p2p transaction volume has been steadily increasing in Morocco (Morocco) over the past 3 years… even though the country has banned cryptocurrency trading.

February 2021 was “the best month ever for Moroccan bitcoin trading volume,” said February 2021, LocalBitcoins Chief Marketing Officer Jukka Blomberg.

* Localbitcoins is one of the largest Bitcoin exchanges in the world operating in a decentralized manner, with operations in over 200 countries *

It is estimated that Moroccan investors traded some 900,000 USD worth of bitcoins on LocalBitcoins in February. In addition, the number of new investors entering the Crypto market through LocalBitcoins increased by 30%.

“Indeed, the volume of bitcoin transactions in Morocco in February was quite good, for us this area is quite potential for mining,” Blomberg added, “the number of new users is more than 700 accounts. this month… a very positive figure ”.

In November 2017, the Moroccan Government declared that cryptocurrency transactions are a violation of foreign exchange regulations and are subject to sanctions. Individuals or organizations that conduct transactions related to cryptocurrencies will be handled according to the law.

Although Morocco is a country that has enacted a cryptocurrency ban, it still doesn’t seem to stop investors from coming to bitcoin.

trading volume btc

Despite crypto bans in a few countries, LocalBitcoins’ bitcoin transaction volumes have steadily increased over the years. From November 2017 to February 2021, the trading volume on the exchange increased sharply by 215%.

Rise bitcoin price The year 2021 has spurred the demand for cryptocurrencies around the world. In Morocco, the combination of curiosity and a desire for financial autonomy is prompting Morocians to buy more cryptocurrencies.

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