On Tuesday, the Moroccan financial authorities called for full compliance with the laws that prohibit the use of virtual currencies.
This came in a joint statement by the Central Bank of Morocco, the Exchange Office (governmental) and the National Capital Market Authority (governmental).
"Despite previous warnings regarding the risks associated with the use of virtual currencies such as Bitcoin, it has been observed that some physical and moral persons continue to use this type of operation," the statement said.
On March 23, the governor of the Central Bank of Morocco, Abdellatif Jouahri, said that the bank is coordinating with the International Monetary Fund and the World Bank, to benefit from their assistance in licensing cryptocurrencies.
The governor explained at the time - during a press conference in Rabat - that the Moroccan Central Bank had established a committee to discuss the licensing of cryptocurrencies and that the stage of recognition of encrypted digital currencies would necessarily come.
Why this warning?
"This is an unregulated activity that is characterized by a high degree of volatility, which results in the absence of any consumer protection," the joint statement said today.
"It is also about a procedure (tool) that can be used for illegal purposes, especially money laundering or the financing of criminal activities," he added.
The statement clarified that the financial authorities prohibit the use of such "rulers" (tools), in order to protect the citizen against any deviation from the legal system or financial losses.
On November 20, 2017, Morocco announced that dealing in digital currencies is against the law and exposes its perpetrators to penalties and fines.
Morocco fears for its economy and its local currency, as a result of the exit of foreign exchange through the digital currency trade, which may, at some stage, reduce the foreign exchange supply.