In a country where cryptocurrency remains illegal, a crypto user who bought a Ferrari SF90 Stradale with Bitcoin is now facing a prison sentence of 18 months and a staggering $3.7 million fine in Morocco.
The Casablanca Court of Appeal recently upheld the conviction of Thomas Clausi, a 21-year-old French citizen, on charges of fraud and illegal use of cryptocurrency, as reported by Euronews.
Clausi’s lawyer, Mohamed Aghanaj, confirmed that the court’s verdict was finalized last week, underscoring the Moroccan judicial system’s strong stance against cryptocurrency usage. The purchase of a Ferrari using BTC led to Clausi’s arrest in 2021, as Moroccan customs authorities deemed the transaction to be an unlawful transfer of funds.
Consequently, Clausi was imprisoned in December 2021 on charges of fraud and the use of foreign currency for payment within Moroccan borders. The prison sentence and fine were handed down in October of the same year.
The legal proceedings against Clausi commenced when a woman from Casablanca lodged accusations of fraud against him, stemming from the transaction in which he purchased the Ferrari for a Bitcoin payment of around $437,000.
According to Aghanaj, Clausi still has one month left to serve in prison.
Despite its illegal status, Morocco achieved recognition as the leading country for Bitcoin trading in North Africa in 2021. Triple A, a Singaporean cryptocurrency provider, and aggregator, reported that around 900,000 individuals, comprising roughly 2.4% of Morocco’s population, currently hold cryptocurrency.
Also Read: Central Bank of Morocco to Propose Crypto Regulatory Bill shortly
More than a year later, Morocco is in the process of finalizing a regulatory framework for cryptocurrencies. The central bank of the country has indicated that this framework will provide legal definitions for crypto within the Moroccan market, potentially signaling a shift in the treatment of cryptocurrencies in the future.
