Virtual currency is usually defined as a unit of account that is stored on an electronic support. It is not created by a specific government or monetary union, but rather by a group of personal or legal persons for the purpose of settling multilateral exchanges of goods and services between the members of this group.
Virtual currencies were created as an alternative to traditional currencies, and were initially developed in virtual groups, especially in the context of online games. These currencies have multiplied and expanded the scope of their use, as it is now used in the real sector.
How is bitcoin created?
It is a monitoring process through which (mining) bitcoins are generated through a decentralized process called mining or mining via the Internet by verifying transactions and ensuring network security, using specialized information devices. The competition is between “minors” and their computers, and whoever gets to verify the transaction receives new bitcoins in return.
We must bear in mind that bitcoin trading takes place in an unregulated market and that this virtual currency has no official price. Rather, it is an informational environment that has its own rules, which may not be suitable for people who do not have a good knowledge of technology. Given its high volatility, this market is fraught with risks.
Trading virtual money...
Many virtual currencies are currently being traded. These currencies can be acquired directly (either via the Internet, through bilateral transactions with another investor, by buying them at a virtual money selling company, by buying online options, etc.) or indirectly, especially through a virtual converter or via borrow. There are currently over 5,000 virtual currencies, the most popular being Bitcoin , Facebook Credits , Linden Dollars , and Ether .
The use of virtual money in Morocco and the risks associated with this use
Considering that the use of virtual money is an unregulated activity, the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority draw the public's attention to the risks associated with the use of this money, in particular the following risks:
Absence of any consumer protection measures:
- Absence of legal protection to cover losses in the event of a shortfall in exchange platforms;
- The lack of a special legal framework to protect the users of these currencies in connection with the transactions completed, especially in the event of theft or embezzlement;
- fluctuation in the exchange rate of this virtual money against a legally in demand currency;
- The possibility of major changes in exchange rates, either upward or downward, in a very short time and unexpectedly;
- Using these currencies for illegal or criminal purposes, particularly in money laundering and terrorist financing;
- Lack of respect for the laws in force, especially those related to the capital markets and the exchange law.