Morocco Cryptocurrency Ban: What’s Really Happening in 2026

It’s 2026, and Morocco still officially bans cryptocurrency. But if you walk the streets of Casablanca or Marrakech, you’ll see plenty of young people trading Bitcoin on their phones-quietly, carefully, and often at midnight. The government says it’s illegal. The people say they have no choice.

The Ban That Didn’t Stick

In November 2017, Morocco’s Ministry of Economy and Finance declared all cryptocurrency transactions illegal. Bank Al-Maghrib, the central bank, backed it up with a warning: using Bitcoin, Ethereum, or any digital asset violated foreign exchange rules. Mining was banned too. No licenses. No exceptions. The message was clear: stay away.

But here’s the twist: Morocco is now the 21st most active country in the world for cryptocurrency use, according to TRM Labs’ 2025 report. That’s higher than most of its neighbors, including Egypt and Algeria, which have their own restrictions. How? Because the ban never stopped demand-it just drove it underground.

Why People Still Buy Crypto

The answer isn’t speculation. It’s survival.

Morocco’s inflation hit 6.8% in 2025. The dirham lost 22% of its value against the US dollar between 2020 and 2025. Salaries haven’t kept up. Savings are eroding. Traditional banks offer near-zero interest. For young Moroccans-especially those aged 18 to 35-crypto isn’t a gamble. It’s a hedge.

A 2025 survey by the Casablanca Digital Institute found that 68% of crypto users in Morocco see digital assets as essential for preserving wealth. Nearly half have had their bank accounts frozen after suspicious activity flagged by automated systems. Some lost access to their own money for months. No warning. No explanation. Just silence from the bank.

How They Do It Anyway

You won’t find Binance or Coinbase ads on Moroccan TV. But you’ll find them on Telegram, WhatsApp, and Reddit.

Most transactions happen through peer-to-peer (P2P) platforms like LocalBitcoins, Paxful, or direct OTC (over-the-counter) deals. Traders meet in cafes, parking lots, or even mosques after prayers. Cash changes hands. Screens are locked. Phones are turned off. One Reddit user in r/CryptoMorocco, with 12,500 members as of mid-2025, posted a thread titled “How to safely trade crypto in Morocco 2025”-it got 347 replies. Tips include using burner phones, avoiding bank transfers, and trading only with verified users.

Trustpilot reviews from Moroccan users show a pattern: 62% praise exchanges for “anonymous account creation,” while 78% complain about “withdrawal restrictions to Moroccan banks.” That’s the bottleneck. You can buy crypto. But getting it out-into your local bank-is risky.

The Hidden Cost

It’s not just about convenience. It’s about danger.

A third of Moroccan crypto users reported being scammed at least once. Fake traders, fake wallets, fake escrow services. One user lost 12,000 dirhams ($1,200) to a man who promised to sell him Bitcoin in exchange for cash-then vanished. No police report. No recourse. The law doesn’t protect you if you’re breaking it.

Learning how to trade safely takes time. The Casablanca Digital Institute estimates it takes 8 to 12 weeks for a beginner to learn the basics: setting up a non-custodial wallet, using a VPN, avoiding KYC traps, and spotting red flags. Most users learn from forums, YouTube tutorials in Arabic, or the anonymous GitHub repo called “Moroccan Crypto Guide 2025”-a crowdsourced document with over 2,300 stars and no official backing.

The Government’s Quiet Shift

Here’s where things get interesting.

In November 2024, Bank Al-Maghrib Governor Abdellatif Jouahri dropped a bombshell: a draft law to legalize and regulate cryptocurrency was in the works. Not a repeal. Not a relaxation. A full regulatory framework.

By the end of 2025, the government plans to introduce:

• Mandatory licensing for crypto exchanges operating in Morocco
• Strict AML/CFT (Anti-Money Laundering / Countering Terrorist Financing) rules
• Know Your Customer (KYC) requirements
• A 15% capital gains tax on crypto profits

This isn’t a flip-flop. It’s a strategy. The government realized the ban was failing. People were using crypto anyway. And now, they want to control it.

The CBDC Alternative

While the world debates whether to ban or embrace crypto, Morocco is doing both.

Bank Al-Maghrib is working with the IMF and World Bank to develop a Central Bank Digital Currency (CBDC)-a digital version of the Moroccan dirham. Unlike Bitcoin, this won’t be decentralized. It won’t be volatile. It won’t be anonymous.

It will be controlled. Trackable. Regulated.

The goal? To replace the underground crypto market with a state-backed digital payment system. The CBDC will focus on cross-border payments, especially with Egypt, which is also developing its own digital currency. The idea is simple: if you can send money across borders faster and cheaper with a government digital currency, why use Bitcoin?

What This Means for You

If you’re a Moroccan citizen:

• Right now, trading crypto is risky but common.
• Don’t use your bank account to buy or sell. It will get flagged.
• Use cash-based P2P trades only with trusted people.
• Keep your wallet offline. Never store large amounts on exchanges.
• Watch for the 2025 regulatory rollout. Once it’s live, you’ll be able to trade legally-with taxes.

If you’re a foreigner or investor:

• Don’t assume Morocco is a crypto-free zone. It’s not.
• The underground market is worth $278 million in 2025-and growing.
• The upcoming legal framework could open the door to licensed exchanges, wallets, and payment processors.
• Watch for partnerships with Egypt. A North African digital currency bloc could emerge.

The Bigger Picture

Morocco’s story isn’t unique. It’s a preview of what’s coming to more countries.

Outright bans don’t work in the digital age. People find ways. Technology outpaces regulation. What matters now isn’t whether crypto is legal-it’s whether the government can manage it.

Morocco’s path-ban, then regulate, then replace with a CBDC-is becoming a global blueprint. The U.S., EU, and India have all taken similar steps: restrict first, control later.

The real question isn’t “Will Morocco legalize crypto?” It’s “When will it be safe to use it without fear?”

By 2027, experts predict Morocco’s formal crypto market could grow to 2.5 million users-up from an estimated 1.2 million underground users today. The World Bank believes this shift could bring 3.2 million unbanked Moroccans into the financial system. That’s not just about money. It’s about inclusion.

What’s Next?

The clock is ticking. The draft law is expected to be finalized by late 2025. Once it’s passed, the transition will begin. Underground traders will have six months to register. Exchanges will need licenses. Banks will be forced to adapt.

For now, Morocco lives in two worlds: one where crypto is illegal, and one where it’s unavoidable.

The government knows it. The people know it. The only question left is: who will blink first?