- Morocco becomes North Africa’s leader for Bitcoin trading.
- The Egyptian pound is surging on the Moroccan Dirham for BTC trades.
- Morocco will continue to lead the charge in North Africa.
In 2021 the Kingdom of Morocco, found to be the leader for Bitcoin trading across North Africa despite it illegal status. According to the report from a Singaporean cryptocurrency provider and aggregator, Triple A, currently, 0.9 million people, which is nearly 2.4% of Morocco’s total population own cryptocurrency.
Even Useful Tulips, a platform that tracks peer-to-peer BTC trading around the world have confirmed the trend. When considering the whole Middle East and North Africa region, the Kingdom of the West, as it known locally, has the runaway North African leader for Bitcoin (BTC) trading over the last year, piped only by Saudi Arabia. In recent years, there no changes made in crypto laws.
As per Morocco’s Foreign Exchange Office, it will not support a hidden payment system that is not backed by any financial institution. The law came into being in 2017, the ban has not confounded adoption and as the data shows, Moroccan crypto enthusiasts continue to circumvent the ruling.
More so, the Egyptian pound is surging on the Moroccan Dirham for BTC trades. According to Useful Tulips, in 30 days Egypt is $20,000 short of catching Morocco. Eventually, it remains illegal to trade Bitcoin and other cryptocurrencies in Egypt, but even if a tiny percentage of its 102 million population and $360 billion GDP engage in illicit activity, it will move the needle.
Therefore, in the future, we can come to know whether Moroccon lawmakers reverse their decision to ban Bitcoin. Henceforth, Morocco will continue to lead the charge in North Africa even though it remains an underground activity.