At an international conference in Rabat, Abdellatif Jouahri said that the country’s authorities are considering the possibility of lifting the ban on cryptocurrencies and have instructed the regulator to prepare a corresponding bill.
“Moroccan authorities have taken into account the potential benefits of digital currencies, such as increasing financial inclusion and promoting technological progress, and intend to develop a new regulatory approach aimed at ensuring adequate protection for users and investors, while maintaining opportunities to benefit from these innovations. Bank Al Maghrib has prepared a bill regulating crypto assets, which is now in the process of adoption,” Juahri said.
The head of the Central Bank added that cryptocurrencies have been banned in Morocco since 2017, but the country’s population continued to use them, which led to the emergence of an underground unregulated market to circumvent government restrictions.
According to the regulator, the legalization of cryptocurrency transactions could attract investment to the country, as well as contribute to consumer protection and the growth of the national digital asset sector.
Let us recall that the Central Bank of Morocco first announced plans for the future development of new legislation on the control of cryptocurrencies and the fight against illegal activities in the digital industry in 2022.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
