Bank Al Maghrib signals a shift from prohibition to regulation and explores the potential of a central bank digital currency.
Morocco Prepares to Legalize and Regulate Cryptocurrencies
Morocco’s central bank, Bank Al Maghrib (BAM), has announced significant steps toward the regulation of cryptocurrencies. During an international conference in Rabat, BAM Governor Abdellatif Jouahri revealed that a draft law governing crypto assets is in the final stages of the adoption process.
Since 2017, cryptocurrencies have been banned in Morocco, but underground usage has persisted. Jouahri acknowledged the necessity of regulatory measures, stating that the draft law aims to address this gap by establishing clear guidelines for the use of digital currencies.
Central Bank Digital Currency (CBDC) Under Exploration
Alongside cryptocurrency regulation, Bank Al Maghrib is evaluating the feasibility of a central bank digital currency (CBDC). Jouahri emphasized that this initiative aligns with global trends and aims to support public policy objectives, particularly financial inclusion.
“We are exploring how this new form of currency could contribute to achieving certain public policy goals,” Jouahri stated.
Unlike decentralized cryptocurrencies, a CBDC would be centrally controlled, offering governments more oversight and operational flexibility while potentially reducing risks like fraud and tax evasion.
Morocco’s Evolving Stance on Cryptocurrencies
Morocco’s ban on cryptocurrencies in 2017 stemmed from concerns over their speculative nature, lack of consumer protection, and potential for illicit activities. However, the enduring popularity of digital assets among Moroccans has prompted the government to reconsider its stance.
The draft law reflects a growing recognition of the benefits digital currencies could offer, such as fostering innovation and attracting investments in fintech.
Global Context and Implications
Morocco joins a list of nations transitioning from prohibitive to regulatory frameworks for digital currencies. By exploring a CBDC, Morocco is positioning itself to stay competitive in the evolving global financial landscape. Countries like China, the EU, and the U.S. are also developing or piloting their CBDCs.
This shift not only aligns Morocco with international best practices but could also strengthen the country’s efforts to enhance financial inclusion and digital transformation.
Disclaimer:
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