• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, June 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Man bought Ferrari with Bitcoin, jailed for 18-months and fined $3.7 million

by Reshab Agarwal
May 14, 2023
in Bitcoin, Crypto, News, Trending
Reading Time: 3 mins read
0
Ferrari Hires Tech Industry Veteran For Electric Future
TwitterWhatsappLinkedin

A Moroccan court has recently upheld the 18-month prison sentence and $3.7 million fine imposed on Thomas Clausi, a 21-year-old man who bought Ferrari with Bitcoin. The original ruling, delivered by the Casablanca Court of Appeals in October 2022, was confirmed earlier this month, according to Clausi’s lawyer, Mohamed Aghanaj. Clausi was apprehended after buying the high-end sports car in 2021. Morocco implemented a ban on the possession and trading of cryptocurrencies back in 2017.

You might also like

Crypto’s Final Frontier: Binance’s CZ Champions “Will Function” for Digital Assets After Death

How Israel’s Mossad Used AI to Hunt and Kill Iran’s Nuclear Mastermind

Crypto’s Youngest Tycoon? How Barron Trump May Have Earned $40 Million from His Father’s World Liberty Financial

Enforcement Actions and Fraud Allegations Surrounding Clausi’s Bitcoin Transactions

Enforcement proceedings against Clausi, the man who bought Ferrari with Bitcoin, commenced when a French expatriate residing in Casablanca sold the disputed Ferrari to Clausi for a Bitcoin payment equivalent to 400,000 euros ($436,600) at that time. The woman lodged a complaint, accusing him of engaging in fraudulent activity.

Additionally, a Moroccan national filed a separate complaint against the Frenchman, alleging that Clausi issued a fraudulent check, using the name of another individual, which he obtained in exchange for bitcoin, to purchase three watches from the Moroccan citizen. The court ruled that Clausi must reimburse the watch owner with a sum of 3,900 euros.

Partial Execution of Sentence: Clausi to Serve Slightly Over a Month in Jail

Although the initial sentence for Clausi was set at 18 months, his lawyer, Aghanaj, stated that Clausi would only serve a little over a month in prison to fulfill his punishment. This verdict against Clausi seems to serve as a warning to individuals interested in utilizing digital assets within the country.

Despite Morocco’s strict stance on cryptocurrencies, its citizens continue to show a strong interest in digital assets. According to the 2022 Global Crypto Adoption Index by Chainalysis, Morocco ranks 14th worldwide in terms of crypto adoption, considering various factors.

Morocco Progresses Towards Crypto Regulation: Central Bank Works on Defining Cryptocurrencies

As per Triple-A, a cryptocurrency provider and aggregator based in Singapore, approximately 900,000 individuals in Morocco, accounting for around 2.4% of the country’s population, presently hold cryptocurrency.

After more than a year, Morocco has initiated the process of developing a regulatory framework specifically for cryptocurrencies, aiming to establish legal definitions for these digital assets within its market. This regulatory effort is being led by the country’s central bank.

Opportunities and Challenges of Crypto Regulation in Morocco

According to a study conducted by the Moroccan Institute of Political Analysis (MIPA), the country’s central bank is treading cautiously when it comes to cryptocurrencies, recognizing both the potential benefits and risks associated with the technology. MIPA suggests that the decentralized nature of cryptocurrencies poses a substantial challenge to the central bank and the banking sector, but also highlights the economic opportunities that can arise from embracing this emerging technology.

Continuing Cryptocurrency Adoption in Africa: Bridging the Financial Inclusion Gap

Morocco is just one among many African countries where the population is actively engaging with cryptocurrencies. It is important to recognize that the perspective of individuals in developing nations varies significantly from that of Westerners, who have greater accessibility to traditional financial services. World Bank estimates reveal that over 50% of African residents do not possess a bank account, highlighting a significant financial inclusion gap that cryptocurrencies have the potential to address and close.


In conclusion, the case where a man bought a Ferrari with Bitcoin and received an 18-month prison sentence and a substantial fine sheds light on the legal complexities surrounding cryptocurrencies and their use in high-value transactions. This incident underscores the need for clear guidelines and regulations governing the use of digital currencies to prevent potential misuse and illegal activities.

While Morocco has taken a firm stance against cryptocurrencies, it is worth noting that the country’s citizens have shown a keen interest in digital assets, with a notable percentage of the population owning cryptocurrencies. This growing adoption highlights the importance of developing a regulatory framework that defines and governs cryptocurrencies within the market.

Also Read: Janet Yellen warns of US Default’s catastrophic consequences to the US Dollar.

Tags: bitcoinferrari
Tweet54SendShare15
Previous Post

Elon Musk Transitions to Executive Chair at Twitter, Focusing on Tesla’s

Next Post

Binance to leave Canada citing regulatory tensions

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Crypto’s Final Frontier: Binance’s CZ Champions “Will Function” for Digital Assets After Death

by Anindya Paul
June 19, 2025
0
CZ

As the digital asset landscape matures, estate planning in crypto has emerged as one of its final, least-discussed frontiers. Binance founder Changpeng “CZ” Zhao is tackling this head-on,...

Read more

How Israel’s Mossad Used AI to Hunt and Kill Iran’s Nuclear Mastermind

by Thomas Babychan
June 19, 2025
0
How Israel’s Mossad Used AI to Hunt and Kill Iran’s Nuclear Mastermind

On November 27, 2020, the quiet town of Absard, located about 80 kilometers east of Tehran, became the site of one of the most technically advanced assassinations in...

Read more

Crypto’s Youngest Tycoon? How Barron Trump May Have Earned $40 Million from His Father’s World Liberty Financial

by Anindya Paul
June 19, 2025
0
Barron Trump

At just 19, Barron Trump — the youngest son of former President Donald Trump — may have pocketed nearly $40 million from the family’s crypto initiative, World Liberty...

Read more
Next Post
Binance and Ingenico to start crypto payments in France

Binance to leave Canada citing regulatory tensions

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?