Morocco’s Government Alerts Public on Fraudulent Cryptocurrency Scams

A fraudulent X account impersonating Morocco’s Prime Minister Aziz Akhannouch has surfaced, promoting a fake cryptocurrency. This follows a similar scam involving Bank Al-Maghrib. Both institutions are urging the public to be vigilant and rely on official sources. Despite a ban on cryptocurrency, adoption has surged in Morocco, with millions investing in digital currencies amid regulatory changes.

The Office of the Head of Government in Morocco has issued a warning regarding a fraudulent account on X (formerly Twitter) impersonating Prime Minister Aziz Akhannouch and promoting a fictitious cryptocurrency. This scam involves advertising non-existent digital currency transactions, prompting officials to alert the public about potential fraud. They emphasized that the only legitimate account for updates is @ChefGov_ma.

This warning follows a similar report from Bank Al-Maghrib (BAM), Morocco’s central bank, about scammers using a fake identity to create misleading media content. BAM revealed that artificial intelligence had been used to fabricate this false representation, promoting a non-existent investment platform that promised guaranteed returns.

Both the Head of Government’s office and BAM are acting decisively to inform citizens about the frauds and uphold the integrity of their communications. Akhannouch’s office has urged citizens to be vigilant, advising them to rely only on confirmed information from official channels. BAM has also indicated that it will consider legal actions to safeguard its reputation against such impersonations.

These incidents highlight an increasing trend of sophisticated digital fraud targeting Moroccan governmental bodies and officials. They reflect a growing concern over the safety of social media platforms amid rising scams.

Morocco has experienced notable developments in the cryptocurrency sector over recent years. In 2017, the government enacted a comprehensive ban on cryptocurrency transactions due to money laundering concerns. Despite this prohibition, approximately 3.5 million Moroccans were estimated to have invested in cryptocurrencies by 2019, initiating a wave of crypto adoption.

As of 2023, Morocco ranked as the 13th highest country globally for Bitcoin usage. Additionally, Chainalysis placed Morocco 20th in its global crypto index, reinforcing the country’s presence in the digital currency arena amid regulatory challenges. By 2024, it is noted that 6 million Moroccans owned cryptocurrency, constituting about 16% of the population, with plans for a regulatory framework being discussed by Bank Al-Maghrib.

In summary, Morocco faces increasing challenges from digital impersonation scams, as highlighted by the recent fraudulent activities concerning Prime Minister Aziz Akhannouch and Bank Al-Maghrib. These occurrences emphasize the importance of vigilance among citizens, while also reflecting the growing interest and complexity surrounding cryptocurrency in the nation. As regulatory developments take shape, the landscape of digital finance in Morocco is likely to evolve further, necessitating continued oversight and public awareness.

Original Source: www.moroccoworldnews.com