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The Foreign Exchange Office (Office des Changes), the FX regulator in Morocco, today laid down stringent rules explicitly banning the use of cryptocurrency.

In an announcement revealed Tuesday, it is now illegal to issue, supply or otherwise use cryptocurrency because it has been designated an illegal means of payment.

The regulator’s notice clarified that the only officially accepted means of payment are those approved by the country’s central bank, Bank Al-Maghrib. Additionally, the financial transactions must be made only via Morocco’s authorized intermediaries using the approved foreign currencies.

Nonetheless, it is unclear how the government plans to track cryptocurrency transactions, with some start-ups ... (read more)

The same thing has happened in Russia where The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies like bitcoin.