Morocco is drafting new crypto regulations to lift its 2017 ban on digital assets. Morocco's central bank is considering creating a central bank digital currency (CBDC). Looking at global trends, we see more countries moving towards cryptocurrency regulation, such as the UK and the EU.
Morocco is reconsidering its position on cryptocurrencies, with plans to repeal its 2017 ban on digital assets and introduce a comprehensive regulatory framework.
Morocco's central bank, Al Maghrib Bank, is currently drafting a new bill aimed at regulating digital currencies, signaling a significant change in the government's approach to cryptocurrencies.
Central Bank Governor Abdellatif Jouari confirmed that a new law is under consideration and could be adopted soon. The law is part of Morocco's strategy to more effectively regulate cryptocurrencies in response to growing interest and adoption, despite an initial ban.
By late 2023, nearly 5% of Moroccans were using digital assets, highlighting the widespread use of cryptocurrencies despite prohibitive laws.
The move comes at a time when global interest in cryptocurrencies is increasing, with Bitcoin nearing the $100,000 milestone, further intensifying the global debate about cryptocurrencies.
Morocco considers creating CBDC
In addition to legalizing cryptocurrencies, the country is exploring the possibility of creating a central bank digital currency (CBDC).
The central bank governor revealed that the central bank is evaluating how CBDCs can support public policy objectives such as promoting financial inclusion by providing a regulated and secure digital currency alternative. .
Global momentum towards clearer cryptocurrency regulation
As Morocco moves closer to legalizing cryptocurrencies, the country joins a global wave of countries accepting digital assets.
The European Union's Markets in Cryptocurrency Regulation (MiCA), which is expected to come into force by the end of 2024, and the UK, which is expected to introduce a comprehensive cryptocurrency regulatory framework in early 2025, are just a few of the countries that have created regulations. This is just an example. Transparency in the field of digital finance.
These measures signal a future where the digital financial environment is more structured, secure, and fosters innovation, and provides clearer guidelines for investors and businesses in the cryptocurrency market.
