Despite previous clarifications about the risks associated with the use of virtual currencies such as Bitcoin, it has been noted that individuals and companies continue to use such processes, said a statement by Bank Al-Maghrib, the Moroccan Capital Market Authority, and the Office des Changes (exchange office) on Tuesday.
the same source pointed out that "it is an unregulated activity and characterized by a great volatility which causes an absence of any protection for the consumer, especially since this system seems attractive and easy to use." adding that "It is also a process that can be used for illicit purposes, in particular money laundering or the financing of criminal activities."
"The financial authorities urge the persons concerned to strictly comply with the regulations in force in this area," the statement stated.
"Bank Al Maghrib, the Moroccan Capital Market Authority as regulatory bodies and the Office des Changes prohibit the use of such processes in order to protect the citizen against any legal drift or financial losses," concluded the same source.
