Crypto Users Using Bitcoin to Buy Luxury Cars, Faces 18 months in prison and a $3.7 million fine in Morocco, a country that still makes the use of cryptocurrencies illegal.
A recent Euronews report stated that the Casablanca appeals court upheld the conviction of 21-year-old French citizen Thomas Clausi for fraud and illegal use of cryptocurrencies.
The court confirmed the sentence last week, according to Crosey's lawyer, Mohamed Aghanaj. The decision shows that the Moroccan judiciary takes a tough stance on the use of cryptocurrencies in the country. Using BTC to buy a Ferrari led to Clausey's arrest in 202 1, as Moroccan customs considered the use of cryptocurrencies to be an illegal transfer of funds. Closi was jailed in December 2021 for "fraud" and "payment in foreign currency in Morocco" and was sentenced to prison and a fine in October of the same year. The Legal action against Clausy began when a woman living in Casablanca accused him of "fraud" after exchanging approximately $437,000 in bitcoin for a luxury car.
According to Aghanaj, Closey still has a month to serve his sentence. Despite its illegal status in the country, Morocco has been hailed as the number one country in North Africa for BTC trading volume in 2021. According to Singapore-based cryptocurrency provider and aggregator Triple A, around 900,000 people, or roughly 2.4 percent of the Moroccan population, currently owns cryptocurrencies.
More than a year later, the country has begun finalizing a cryptocurrency regulatory framework that will legally define cryptocurrencies within its market, according to its central bank.
