Bye-Bye Bitcoin
A few days after the digital services company MTDS announced that it would accept Bitcoin as payment for the first time in the kingdom, Morocco’s Foreign Exchange Office and central bank have issued a public statement stating that transactions made via cryptocurrencies are banned and will be punishable by fines.
“Penalties and fines will apply to anyone engaging in transactions with foreign countries that do not go through authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib,” warned the Foreign Exchange Office in a statement issued November 20.
The institution added in its press release that cryptocurrencies work within a “hidden payment system that is not backed by any financial institution.”
It also emphasized that “the use of cryptocurrencies entails significant risks for their users,” as cryptocurrencies could be linked to illegal activities on the Web, in particular the purchase and sale of drugs, weapons, and ransomware.
Do you think that other countries will follow ?
How may this affect bitcoin ?
Tell me what you think
Resource : www.moroccoworldnews.com
Will others follow? Yes.
Have others follow? Yes, some already did
How will it affect crypto currencies? It will make them stronger.
It’s no longer stoppable.
I agree with you but i think that ... If some major countries follow (for example US) , this will lead to a major decrease in cryptocurrencies value because all the companies will stop accepting them , also many people will be afraid from being tracked by the government when they buy or sell them
Currencies cannot follow or unfollow. It’s the governments that can. Even if they do it means they are desperate. When they are desperate to support their fake money more and more people will seek something where they can exchange value without being scammed. Printing money is a scam because it dilute’s everyone’s values. It steals everyone’s pisessions. It’s fraud on a large scale. When they raise taxes just a tiny bit people get angry but somehow when much more forecefully stolen from all of us by plain theft nobody seems to mind and it doesn’t bother most people because it’s hidden. Not as obvious as taxes. But has much higher effect.
Imagine you go to a gas station (gasoline, petroleum as sometimes called in other countries) and the owner of that station adds water to it but still sells you at the same or even higher price. And keeps adding more and more water. What would you say? Actually you wouldn’t even know except your car will run less and less on each fill up, it will run worse, the engine will rust from the inside and one day it will just break. While the owner of the gas station gets richer and richer by stealing from you. How is any FIAT currencies not backed by anything solid any different?
As for governments tracking you - new technologies evolve and it’s unstoppable. The break point will happen when mass adoption goes way up and people can (and will more commonly) pay each other for goods and services. Then govt can’t do anything just like cash now. Then there will be much less need in exchanges that govt can shut down.
I know a hair salon that was accepting bitcoins for a while. Guess what? Now they bought 12 salons and retired just overseeing other people working for them making a lot of money.
As for someone forcing you to use only one (fake) currency I’d like to make another analogy. You can’t force anyone to love you. The more you try the less possible it becomes. The one you force to love you will just leave sooner.
Same with currencies. Values. Assets.
When something is decreasing in value in front of your eyes, people will seek other ways to preserve their hard earned assets. Even if what you do is considered illegal. Is it legal to steal from you and devalue your money? Isn’t it plain theft? So of someone steals from you, isn’t it natural to try to protect what’s yours?
That kind of thinking of protecting ourselves rather than feeling we break the law (the very law that allows us to be openly robbed) - it will encourage a lot of people to do what they believe is the right thing and morally justified. There is no law that can stop that, when people feel and know that the law is immoral and they strongly believe in their right of simply protecting themselves.