The cryptocurrency aggregator and provider in Singapore, Triple A estimates that about 2.4% or 0.9 million Morocco people now own cryptocurrency. This estimate places the country as the top one in the North African region and among the top 50 cryptocurrency holders by population percentage. This trend is also confirmed by Useful Tulips, the BTC trade tracking platform. The country has been well known as the leader in BTC trading in the North African Region.
Current Ban Unable to Prevent Bitcoin Trade
The laws banning trade in crypto have not been changed in the country. The foreign currency exchange office of Morocco informs that it does not support any payment setup that does not have backing from a financial institution. The law has been in force since 2017 but the ban has been unable to stop crypto adoption in the country. As the current crypto ownership data indicates, the ruling is being flouted by Morocco’s crypto users. In the nearby region, Egypt’s pound has been gaining ground over Morocco’s Dirham when it comes to BTC trading. According to the Useful Tulips data, based on a 30-day timeline, Egypt is only $20,000 behind Morocco. Egypt also outlaws trading in crypto and BTC but even a small percentage of Egyptian population trading in BTC will make a significant difference in this trading volume.
The Mega Energy Project to Power Bitcoin Mining
Harmattan Energy has plans to build a mega wind farm in the Saharan region of Dakhla . A part of this energy is planned for use in powering blockchain computing. The group cannot claim this because bitcoin trading and mining is outlawed. A workable solution can be selling 20% of this energy to Morocco. Early results can come out from Harmattan after the first quarter of this year itself.
While bitcoin trading remains underground in Morocco, the country is likely to keep leading in this trade in the North African region.