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Purchasing a vehicle using Bitcoin incurs a $3.7 million penalty and imprisonment in Morocco.
A cryptocurrency user who acquired a luxury vehicle using Bitcoin (BTC) has been sentenced to 18 months in prison and fined $3.7 million in Morocco, where the use of cryptocurrency is still deemed illegal.
A recent report from Euronews indicates that the Casablanca Court of Appeal has upheld the conviction of Thomas Clausi, a 21-year-old French national, on charges of fraud and unlawful cryptocurrency usage.
As stated by Clausi’s attorney, Mohamed Aghanaj, the court affirmed the ruling last week. This outcome suggests that the Moroccan judicial system is adopting a firm position against cryptocurrency utilization within the nation.
Clausi’s arrest in 2021 stemmed from his use of BTC to buy a Ferrari, as Moroccan customs considers cryptocurrency transactions to be an illegal transfer of funds. He was incarcerated in December 2021 on allegations of “fraud” and “utilizing foreign currency for transactions within Moroccan territory,” with the sentence and fine imposed in October of the same year.
| A Frenchman was sentenced by the Criminal Chamber of the Casablanca court to 18 months in prison along with a fine of 3.4 million euros.
He was convicted of fraud and illegal use of cryptocurrency.
He sold his Ferrari in exchange for pic.twitter.com/ubk3m1p9UJ— Moroccan History ۞ (@MoroccanSories) October 21, 2022
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The legal proceedings against Clausi commenced after a woman residing in Casablanca accused him of “fraud” following the exchange of the luxury car for a Bitcoin payment of approximately $437,000.
Aghanaj noted that Clausi has one month remaining to serve in his prison sentence.
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Despite its illegal status in the nation, Morocco was recognized as the leading country in BTC trading throughout North Africa in 2021. According to Triple A, a cryptocurrency provider and aggregator based in Singapore, around 0.9 million individuals, or roughly 2.4% of Morocco’s total population, currently hold cryptocurrency.
Over a year later, the country has begun to finalize a regulatory framework for cryptocurrency that will legally define its status within the market, as stated by its central bank.
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