Despite regulatory restrictions, Moroccans traded so much cryptocurrency that the country is now the top North African country for cryptocurrency trades and activities. It is also among the top 50 holders of cryptocurrencies globally.
Morocco’s crypto history: Regulators in Morocco banned crypto trading in 2017, stating that they will not “support a hidden payment system that is not backed by any financial institution”. The ban came days after MTDS, a major Moroccan digital services company, announced that it would begin accepting Bitcoin payments. Sending and receiving payments via any cryptocurrency in Morocco is punishable by fines.
Moroccans make it work
Moroccans use peer-to-peer (P2P) trade to buy and sell cryptocurrencies. Similar to people in Nigeria, Zimbabwe, Burundi and other countries where banking systems and regulations are anti-crypto.
What the heck is P2P? Peer-to-peer (P2P) simply means person-to-person. P2P apps allow you to trade crypto directly with another person in your region without the interference of banks and other regulators.
- Some crypto exchanges have P2P features built into them. You can create an account on one of these crypto exchanges to make P2P easier for you. To avoid stress and uncertainty, it’s best to opt for internationally recognised options like Paxful and Remitano. You can also find trusted P2P platforms that operate in your locale.
- When you’re ready to sell (or buy) crypto, all you’ll need to do is place an order, and a list of buyers will be identified.
- The process typically takes less than 20 minutes.
💡 Many platforms temporarily hold on to the crypto until the transaction is complete to avoid scams. Once both parties agree, the local currency equivalent is transferred to the seller’s bank account. The buyer will get their crypto once the transaction is confirmed.
