• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Industry News

Crypto trading increases in Morocco despite ban on cryptocurrencies

Muhaimin Olowoporoku by Muhaimin Olowoporoku
March 23, 2021
in Industry News
3 min read
crypto trading

crypto trading

585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

TL;DR Breakdown

  • Crypto adoption rises in Morocco.
  • LocalBitcoins experiences rise in new users and P2P transactions.

Crypto trading in Morocco reportedly has been on the rise despite the government’s blanket ban on the currency since 2017. Moroccans have continued to buy and trade in these digital assets through peer-to-peer channels.

Apart from the Northern African country, crypto adoption has generally been on the rise in the continent with countries like Nigeria, Ghana, South Africa seeing a rise in crypto trading and many other activities involving digital assets.

RelatedPosts

Akon angry he sold Bitcoin gifted to him in 2014

Crypto adoption surge continues as Night Club in Miami now accepts Bitcoin

MicroStrategy to pay directors in Bitcoin

Crypto investments are risky, Sri Lanka warns

Why sharp rise in crypto trading in Morocco?

Per a world Bank report in 2019, only 29 percent of Moroccan adults have a bank account. Civil Servants and individuals working for corporate organizations constitute the entire percentage of bank users in the country. All things being equal, the number must have gone up slightly two years after World Bank published the report.

However, the Central Bank of Morocco is said to be working towards a central bank digital currency (CBDCs) to improve financial inclusion while other private digital asset remains banned.

The government made it clear in 2017 that crypto trading or anybody carrying out any transaction in crypto in Morocco would be sanctioned. Amidst all these, Moroccans have continued to use crypto for their daily transactions, thanks to the financial freedom and privacy they offer.

Insaf Nori, Decred’s Middle East community manager who spoke about the continued rise in crypto trading by Moroccans amidst the ban said many want to make quick profits from them. She also said some others want to enjoy the financial freedom it offers.

LocalBitcoins sees trading volume rise

Peer-to-peer market, LocalBitcoins said the platform experienced a rise in the number of new registrations between 2019 and 2020. Jukka Blomberg, Chief Marketing Officer at LocalBitcoins made this reveal. He said trading volumes hit $900,000 for the first time ever in the region in February 2021.

Blomberg reiterated that an increase in Bitcoin’s trading volume in the region goes a long way to show that the digital asset’s ‘positive trend and increasing demand’ remains untouched in Morocco. He said in 2021 and beyond, there would be several reasons for crypto to grow more in the country.

Bitcoin adoption in Africa like Blomberg said in Morocco has continued to rise in the continent. In Nigeria, where crypto is most adopted in Africa, 60,215 BTC ($3.29 billion) has been traded in the country in the past five years, making it the world’s second-largest Bitcoin market.

Nigeria’s affinity for crypto is likely to keep rising, as regulators made it clear that Nigerians are free to trade cryptocurrencies on P2P platforms.

Tags: cryptocurrency trading
Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related Posts

Akon
Industry News

Akon angry he sold Bitcoin gifted to him in 2014

April 14, 2021
Crypto adoption
Industry News

Crypto adoption surge continues as Night Club in Miami now accepts Bitcoin

April 13, 2021
MicroStrategy
Industry News

MicroStrategy to pay directors in Bitcoin

April 12, 2021
Crypto
Industry News

Crypto investments are risky, Sri Lanka warns

April 12, 2021
How PKT Cash Provides an Economic Incentive for People to Connect Bandwidth to the Decentralized PKT Network 1
Industry News

How PKT Cash Provides an Economic Incentive for People to Connect Bandwidth to the Decentralized PKT Network

April 12, 2021
ETH popularity on YouTube
Industry News

ETH popularity on YouTube exceeds that of Bitcoin

April 10, 2021

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • Ripple price prediction XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1228 shares
    Share 491 Tweet 307
  • XRP Price Prediction 2021, 2023, 2025, 2030

    868 shares
    Share 347 Tweet 217
  • Bitcoin crackdown could be coming – a warning from Kraken CEO

    838 shares
    Share 335 Tweet 210
  • Litecoin price prediction: LTC to climb to $300 resistance as bulls regain momentum

    808 shares
    Share 323 Tweet 202
  • How to mine Ripple XRP in 2021

    766 shares
    Share 306 Tweet 191

Latest News

Litecoin price prediction LTC grinds towards $300 amid slowing momentum

Litecoin price prediction: LTC grinds towards $300 amid slowing momentum

April 14, 2021
Bitcoin Price Prediction 2021-04-14

Bitcoin price prediction: Bitcoin peaks below $65,000, targets $62,000 in a retracement 

April 14, 2021
Akon

Akon angry he sold Bitcoin gifted to him in 2014

April 14, 2021
Revolut, Freetrade will list Coinbase shares for trading

Revolut, Freetrade will list Coinbase shares for trading

April 14, 2021
What has influenced the significant number of audiences to get bitcoins? 2

What has influenced the significant number of audiences to get bitcoins?

April 14, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 3

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.