Key Takeaways
- Morocco is drafting a law to regulate Bitcoin and crypto, marking a shift from its 2017 ban.
- The central bank, Bank Al Maghrib, aims to regulate Bitcoin and crypto as they couldn't stop people from circumventing the ban and using them anyway.
- The threat of a central bank digital currency (CBDC) still looms large as the Moroccan government seeks to create one in the name of financial inclusion.
Morocco Prepares Legal Framework for Bitcoin and crypto
Morocco is drafting a law to regulate Bitcoin and crypto, signaling a shift from its 2017 bank.
The central bank, Bank Al Maghrib, has initiated the process for this draft law.
Underground use of Bitcoin and crypto by the Moroccan public continued despite the ban, driving regulatory efforts.
Central Bank Explores Bitcoin and Crypto Regulation
Bank Al Maghrib says they are focused on regulating Bitcoin and crypto assets to provide legal clarity and mitigate risks.
Speaking at an international conference in Rabat, Governor Abdellatif Jouahri outlined the central bank's strategy.
Potential Introduction of a Central Bank Digital Currency
The Moroccan central bank is exploring a central bank digital currency (CBDC).
According to Jouahri, a CBDC could play a key role in achieving public policy goals.
