Morocco is moving forward with plans to regulate cryptocurrencies, with Bank Al-Maghrib preparing a draft law to oversee crypto assets.
During an international conference in Rabat, Governor Abdellatif Jouahri revealed that the draft is in the adoption process.
The proposed Morocco crypto law addresses the unregulated use of digital assets within the country, which has persisted despite a ban imposed in 2017.
Jouahri stated during the event:
“Bank Al-Maghrib has prepared a draft law regulating crypto assets, which is currently in the adoption process.”
The development aims to create a legal framework for cryptocurrencies, offering a structured system to control their use in the financial ecosystem.
#Morocco to officially legalize cryptocurrencies again following ban in 2017
— MartyParty (@martypartymusic) November 26, 2024
Morocco Central Bank Advances Crypto Law While Exploring CBDC Potential
Alongside its work on the Morocco crypto law, the central bank is investigating the potential of a central bank digital currency (CBDC).
Governor Jouahri shared insights into the initiative, noting the global interest in CBDCs and their potential to address public policy goals.
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly financial inclusion,” Jouahri said.
Unlike cryptocurrencies, CBDCs are centrally controlled and offer a regulated alternative to digital transactions.
Bank Al-Maghrib’s exploration of CBDCs showcases the country’s interest in leveraging financial technologies to enhance economic inclusion and innovation.
Also, Morocco’s crypto law is seen as a change in the nation’s approach to digital assets, transitioning from outright prohibition to regulation.
The draft law aims to create a controlled environment for cryptocurrency use while addressing the risks of decentralized systems.
Jouahri indicated that the draft will balance innovation with regulatory oversight. The country’s central bank also revealed that it will continue to evaluate the most effective path for integrating cryptocurrencies into its financial framework while maintaining economic stability.