Morocco has 1.15 million cryptocurrency holders

The Policy Center for the New South (PCNS) has published a study which reveals that Morocco has 1.15 million people in 2022, generating a GDP per capita of 8,612 dollars.

According to the same study, which concerns 33 African countries, this figure means that 3.05% of the Moroccan population holds cryptocurrencies.

Author of a Research Paper entitled “The emergence of cryptocurrencies in Africa: reality or overvaluation? “, Henri-Louis Vedie notes in this regard that Morocco is one of these 33 countries which has experienced the most significant growth in the use of cryptocurrencies in recent years.

“Demographically, it should be remembered that cryptocurrency users are overwhelmingly young people between the ages of 20 and 30. This is the case in Morocco, for example. A recent survey by Synergia showing that, when it comes to bitcoin, young people under 30 represent more than 50% of users,” he noted, noting that other surveys estimate that in sub-Saharan Africa this percentage may reach 70%.

However, and according to the United Nations, Africa, all countries combined, is the youngest continent on the planet, with an average age of 19, twice as young as the United States (38), added the Senior Fellow.

And to note that on the urban level, all the surveys show that cryptocurrency users are concentrated in large urban metropolises, such as Casablanca in Morocco. The author of this study said that in Nigeria and Morocco, two countries among those where cryptocurrencies are banned, the number of their holders has increased in recent months. “Which shows the total ineffectiveness of this official prohibition. Yet, as we will see, cryptocurrencies are, more than ever, high-risk investments,” he wrote.

Returning to the cryptocurrency regulation project in Morocco, he recalled that the Governor of Bank Al Maghrib (BAM), Abdellatif Jouahri, announced a cryptocurrency regulatory project which is intended to be “an important first step” on the road which could lead the country to officially authorize them, under certain conditions.

This announcement constitutes a break from the united front formed by the Ministry of Economy and Finance, the Moroccan Financial Markets Regulatory Authority and BAM, raises the author, before specifying that this project, if adopted, would allow cryptocurrencies to be tolerated initially, but also to supervise their proper use with the aim, no doubt, of the fight against money laundering and the financing of terrorism.

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