Morocco is number one for Bitcoin trading in North Africa

Estimates
from

Triple
A
,
a
Singaporean
cryptocurrency
provider
and
aggregator,
state
that
0.9
million
people,
or
roughly
2.4%
of
Morocco’s
total
population,
currently
own
cryptocurrency. 

That
puts
the
kingdom
as
the
top
country
in
North
Africa
and
in
the
top
50
holders
of
cryptocurrency
population
percentage,
just
ahead
of
Portugal.


Data

from
Useful
Tulips

a
platform
that
tracks
peer-to-peer

BTC

trading
across
the
globe

confirms
the
trend.
The
Kingdom
of
the
West,
as
it’s
known
locally,
has
been
the
runaway
North
African
leader
for
BTC
trades
in
the
past
year,
pipped
by
only
Saudi
Arabia
when
weighing
up
the
entire
Middle
East
and
North
Africa
region.

Unfortunately
for
crypto
enthusiasts,
there
has
been
no
change
in
crypto
laws
in
recent
years.
According
to
Morocco’s
Foreign
Exchange
Office,
it
will
not
support
a
“hidden
payment
system
that
is
not
backed
by
any
financial
institution.”
While
the
law
came
into
being
in
2017,
the
ban
has
not
stymied
adoption
and
as
the
data
shows,
Moroccan
crypto
enthusiasts
continue
to
circumvent
the
ruling.

Nearby,
the
Egyptian
pound
is
gaining
on
the
Moroccan
Dirham
for
BTC
trades.
On
the
30
day
period,

UsefulTulips

shows
that
Egypt
is
$20,000
short
of
catching
Morocco.
It
remains

illegal

to
trade
BTC
and
crypto
in
Egypt,
but
even
if
a
tiny
percentage
of
its
102
million
population
and
$360
billion
GDP
engage
in
the
“illicit”
activity,
it
will
move
the
needle.

To
bolster
Morocco’s
orange-tinted
future,
Harmattan
Energy
is
set
to

build

one
of
Africa’s
largest
wind
farms.
The
purpose
of
the
900MW
behemoth
wind
site
set
in
Dakhla,
the
Sahara
region,
is
to
“power
blockchain
computing.”
As
Bitcoin
mining
and
trading
is
currently
outlawed
the
group
cannot
openly
purport
Bitcoin
mining.



Related:

Africa’s
crypto
market
has
grown
by
more
than
1,200%
since
2020:
Chainalysis

Nonetheless,
as
Cointelegraph
reported
on
the
project’s
call
to
tender
in
2018,

selling
at
least
20%
of
its
electricity
outpu
t
back
to
the
Moroccan
government
could
be
a
workable
solution.
First
results
are
expected
from
Harmattan
at
the
end
of
quarter
one
this
year. 

Elsewhere,
in
April
2020,
Binance

added

support
for
crypto
purchases
using
the
Moroccan
dirham
via
a
third-party
platform,
Simplex.
It
works
the
same
way
that
Naira
purchases
for
BTC
work
in
Nigeria.
It’s
not
quite
as
easy
to
buy

BTC
on
Binance
as
it
is
in
the
nearby
UAE
,
which
has
a
direct
fiat
on-ramp,
but
it’s
a
promising
start.

Time
will
tell
whether
Moroccan
lawmakers
backtrack
on
banning
Bitcoin.
As
it
stands,
Morocco
will
continue
to
lead
the
charge
in
North
Africa
even
though
it
remains
an
underground
activity.

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