Impersonation Scams Target Morocco’s Government Amid Crypto…

The Office of the Head of Government in Morocco has issued a warning about a fraudulent X account impersonating Prime Minister Aziz Akhannouch to promote a fake cryptocurrency. This follows a similar case by Bank Al-Maghrib, which faced identity fraud using its Governor’s image. Despite a past ban on cryptocurrencies, Morocco has seen an increase in digital currency adoption, with plans for regulation forthcoming by 2024.

Recently, the Office of the Head of Government issued a warning regarding a fraudulent account on X (formerly Twitter) impersonating Prime Minister Aziz Akhannouch. This account has been promoting a fictitious cryptocurrency purportedly from Morocco. Authorities have alerted citizens to avoid such scams, emphasizing that the only official account for government activities is @ChefGov_ma.

This alert followed a similar incident reported by Bank Al-Maghrib (BAM), Morocco’s central bank. Scammers had produced counterfeit media content using BAM’s identity and image of its Governor, allegedly utilizing artificial intelligence. This imitation aimed to mislead the public into investing in a false platform that claimed guaranteed returns.

Both the Office of the Head of Government and BAM have acted promptly to inform the public and safeguard their official communication channels. Akhannouch’s office has urged citizens to remain vigilant against such impersonations and trust only verified information from official sources. BAM has indicated it may take legal action against such fraudulent uses of its identity.

These events underscore a rising trend in sophisticated digital fraud targeting Moroccan governmental bodies. In terms of cryptocurrency, Morocco has had a tumultuous relationship with digital currencies. In 2017, the government instituted a complete ban on cryptocurrency transactions due to concerns over illicit financial activities.

Despite this ban, by 2019, approximately 3.5 million Moroccans had invested in cryptocurrencies. By 2023, Morocco emerged as the 13th highest nation for Bitcoin usage globally, revealing a significant growth in crypto adoption despite regulatory obstacles. According to Chainalysis, Morocco ranked 20th in its global crypto index, indicating a growing presence in the digital currency sector.

As of 2024, the number of Moroccan cryptocurrency holders reached 6 million, about 16% of the population. Bank Al-Maghrib’s Governor Abdellatif Jouahri has announced plans to establish a comprehensive regulatory framework for cryptocurrencies by the end of the year, further reflecting the evolution of the crypto landscape in Morocco.

In summary, the recent fraudulent activities involving impersonation of government officials highlight the need for vigilance among Moroccan citizens. As cryptocurrency adoption continues to rise despite regulatory challenges, entities like Bank Al-Maghrib are responding by implementing measures to protect their identities and inform the public. The establishment of a regulatory framework is anticipated, signaling a potentially more structured approach to cryptocurrency in the future.

Original Source: www.moroccoworldnews.com