Four men have been sent to trial before the Yvelines Assize Court for the kidnapping of a mother. The alleged mastermind, Badiss Bajjou, is expected to miss the trial: imprisoned in Morocco, the Franco-Moroccan national has already been sentenced there to 25 years in prison.
Facing growing enthusiasm for virtual currencies, Moroccan authorities are intensifying their controls. While the practice remains firmly prohibited, the kingdom is preparing legislation to regulate a digital market that has become impossible to ignore.
The Frenchman prosecuted for "fraud" and "illegal use of cryptocurrency" saw his 18-month prison sentence and a fine of around 3.4 million euros handed down at first instance confirmed by the Casablanca Court of Appeal.
Currently prohibited in Morocco, cryptocurrency could be authorized and officialized by a draft law awaiting a vote.
The father of Thomas Clausi, a young Frenchman sentenced last Thursday to 18 months in prison in Morocco , for "fraud" and illegal use of cryptocurrency, reacted to the court’s verdict. "My goal is for him to get out of there and start his life over," he said.
Imprisoned for 9 months in Morocco, the young French entrepreneur Thomas Clausi has finally been sentenced to 18 months in prison for "fraud" and illegal use of cryptocurrency by the Casablanca court.
Morocco is moving from banning the use of virtual currencies to regulating the use of cryptocurrencies. It is initiating a draft law in this direction.
In order to fight against money laundering and illegal activities, Morocco plans to regulate the use of cryptocurrencies. A bill will be initiated for this purpose in the very near future.
Despite the warnings of the authorities, several Moroccans, including businessmen, have been trapped by being scammed of around 30 million dirhams through Bitcoins.
The financial authorities are concerned about the risks that some Moroccans continue to take in the use of virtual currencies such as Bitcoin despite the ban in Morocco. In a new warning, they called on all users to comply with the regulations in force in this area.
Morocco tops the North African countries in terms of peer-to-peer Bitcoin transaction volumes and ranks fourth on the African continent. This is revealed by Triple, a cryptocurrency research platform.
By succumbing to the sirens of illegal online brokerage sites, many people, including Moroccans, have fallen into the trap of fake traders who promise the moon. According to the Federal Bureau of Investigations (FBI), a Bulgarian national has amassed nearly $5 billion before disappearing in 2017.