According to court records, a 21-year-old French citizen has been given a prison sentence of 18 months and a fine of €3.4 million for using cryptocurrency that is considered illegal in Morocco. The Casablanca Court of Appeals upheld Thomas Clausi’s conviction for fraud and the illegal use of cryptocurrency.
Clausi had allegedly accepted a Bitcoin payment of $437,000 in exchange for a luxury car. He was accused of purchasing three luxury watches with a bad check obtained through Bitcoin. The Moroccan judiciary’s strict stance against cryptocurrency is evident in this decision, despite Morocco being the leading North African nation in Bitcoin trading.
According to Triple-A, a Singapore-based cryptocurrency provider and aggregator, approximately 2.4% of Moroccans or nearly 900, 000 people. Porsche’s NFT trading volume continues to rise, approaching $5 million, despite the initial difficulties and temporary halts in minting.