Study: Over 1 Million People Own Cryptocurrency in Morocco

A new study by the Moroccan think tank the Policy Center for the New South (PCNS) has found that the number of people owning cryptocurrencies in Morocco reached 1.15 million people in 2022, generating a $8,612 GDP per capita.

Rabat – A new study by the Moroccan think tank the Policy Center for the New South (PCNS) has found that the number of people owning cryptocurrencies in Morocco reached 1.15 million people in 2022, generating a $8,612 GDP per capita.

PCNS published its survey — titled “The emergence of crypto-currencies in Africa: reality or overvaluation?” — in December 2022. The survey examines the rate of cryptocurrency ownership and its legality in 33 countries.

Morocco has experienced significant growth in the use of crypto-currencies in recent years, the study found, establishing that 3.05% of the Moroccan population owns crypto-currencies.

Data on demographics show that young people between the ages of 20 and 30 make up the majority of cryptocurrency users in Morocco.

The study further indicates that the majority of cryptocurrency users reside in large cities such as Casablanca.

Regarding the laws governing cryptocurrencies in the 33 nations examined, Morocco ranks in the top 7 (alongside Algeria, Egypt, Libya, Morocco, Namibia, Nigeria, and Uganda) where cryptocurrencies are banned.

Morocco’s Exchange Office, the country’s foreign exchange regulator, prohibited cryptocurrency trading in 2017.

However, the Moroccan Central Bank, BAM, recently announced that its board was deliberating the economic benefits of cryptocurrency adoption.

BAM has formed an exploratory committee to look into the viability of a central bank-run cryptocurrency.