6 Million Moroccans Embrace Cryptocurrencies Despite Strict Regulations

Morocco is witnessing a significant rise in cryptocurrency adoption, despite stringent restrictions imposed by the central bank on digital asset transactions.

A recent report by the financial services platform "HelloSafe" highlights the increasing number of Moroccans engaging with cryptocurrencies, signaling a digital transformation that could reshape the country’s financial landscape.

The study, conducted in collaboration with the data analysis platform "Statista," reveals that over six million Moroccans owned cryptocurrencies in the past year, reflecting a 60% increase compared to 2019, when the number stood at 3.6 million. This surge underscores the growing interest among Moroccans in exploring the opportunities presented by this emerging financial technology.

Data further indicates that approximately 2.5 million Moroccans have entered the crypto market in the past five years, positioning the country among Africa’s leading adopters of digital assets. This trend persists despite ongoing warnings from the Foreign Exchange Office, which considers cryptocurrency transactions to be in violation of exchange regulations.

Amid this rising adoption, questions are emerging about the future of regulatory policies. In a long-awaited move, the Governor of Bank Al-Maghrib, Abdellatif Jouahri, announced the imminent introduction of a regulatory framework for digital assets. Developed in collaboration with relevant stakeholders and supported by the World Bank, the proposed legislation aims to leverage the potential of cryptocurrencies while ensuring financial stability and protecting users from associated risks.

The study also notes that this trend is not unique to Morocco, as countries like India and Indonesia have experienced similar surges in cryptocurrency adoption. This further reinforces the notion that digital assets are becoming an integral part of the global financial ecosystem.

Despite the regulatory hurdles, Morocco is undergoing rapid digital transformation, with cryptocurrencies playing an increasingly pivotal role in this shift. As the number of users continues to grow, the country appears to be on the brink of a financial revolution that could redefine its economic landscape.