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MOROCCO’S BITCOIN BAN WOULD RESULT IN FINANCIAL CENSORSHIP

Over in Morocco, things are not looking all that great, as

the country’s government may soon move to ban cryptocurrency. As is usually the case,
enforcing such a ban will be pretty difficult.
In this day and age of financial instability, it is not entirely surprising to see governments
oppose cryptocurrencies. With so many factors threatening the financial sector, the last thing
any government needs is having to deal with digital currency. Attempting to ban this new form
of money is theoretically much better than allowing it to exist. However, one has to keep in
mind that governments cannot actually ban cryptocurrency in any significant manner. All they
can do is make life extremely difficult for centralized exchanges, but that won’t impact Bitcoin
or altcoins all that much.
It remains to be seen how things will unfold in Morocco over the next few months. Right now,
the government certainly isn’t in favor of cryptocurrencies, but nothing has been set in stone
just yet. The country’s Ministry of Finance has published a document focusing on virtual
currency regulation. So far, the tone is anything but positive, as cryptocurrency-related
transactions are allegedly an “infringement of exchange regulations”. This means anyone
using cryptocurrency exchanges could be subject to penalties and potentially even jail time.

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