Survey: 62% of Moroccans Have Never Heard of Bitcoin

While Morocco’s financial authorities seem on the verge of reconciling national regulations with digital currencies, a recent survey indicates that around 62% of Moroccans have never heard of Bitcoin, the most prominent cryptocurrency on the market currently.

Rabat – While Morocco’s financial authorities seem on the verge of reconciling national regulations with digital currencies, a recent survey indicates that around 62% of Moroccans have never heard of Bitcoin, the most prominent cryptocurrency on the market currently.

Despite Bitcoin being a rising force in Morocco as it has been accumulating steady popularity in recent years, the survey’s results suggest that more than half of the country’s population could still be unaware of the digital currency’s existence.

The survey’s data, compiled by Moroccan market research firm Sunergia, indicates that Bitcoin popularity is higher among Moroccans: 43% of male respondents said they are familiar with the digital currency, against 34% of female respondents.

The Sunergia report further indicates that Bitcoin’s popularity is especially strong among the country’s younger populations. More than half of respondents aged between 18 and 24 said they are familiar with Bitcoin.

According to the survey, the older the population the less likely they are to know of the cryptocurrency. Only 15% of senior citizens above 65 participating in the survey said they have any knowledge of Bitcoin, against 38% of people aged between 25 and 34.

In terms of the geographical distribution of the data, the Sunergia report suggests that people in southern regions are more acquainted with the digital currency. 43% of respondents from southern Morocco said they are familiar with Bitcoin, against 36% in northern regions.

As of this year, owning and trading in cryptocurrencies in Morocco is publishable by law under an official decree. In recent months, however, the country’s financial watchdogs have made timid measures toward adopting it.

In March of this year, Morocco’s central bank announced that it was collaborating with a number of international organizations – including the International Monetary Fund (IMF) and World Bank – to set up a regulatory framework prior to introducing crypto.