- Morocco is drafting new cryptocurrency regulations to undo the 2017 digital asset ban.
- The Central Bank of Morocco is studying the possibility of creating a central bank digital currency (CBDC).
- Global trends show that more countries, such as the United Kingdom and the European Union, are moving towards regulating cryptocurrencies.
Morocco is reconsidering its stance on cryptocurrencies, with plans to repeal its 2017 ban on digital assets and introduce comprehensive regulatory frameworks.
Morocco's central bank, the Bank of Morocco, is currently drafting new legislation aimed at regulating cryptocurrencies, signaling a major shift in the government's approach to cryptocurrencies.
Abdel Latif Al-Jawahiri, Governor of the Central Bank certain He added that the new draft law is under review 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 the initial ban.
By late 2023, nearly 5% of Moroccans were using digital assets, highlighting Widespread use of cryptocurrenciesEven in the face of prohibitive laws.
This move comes at a time of increasing global interest in cryptocurrencies, with Bitcoin approaching the $100,000 barrier, further fueling global discussions about cryptocurrencies.
Morocco is considering creating a central bank digital currency (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 digital currency can support public policy goals, such as promoting financial inclusion, by offering a regulated and secure alternative to digital currency.
Global momentum towards clearer crypto regulations
As Morocco approaches the legalization of cryptocurrencies, the country joins a global wave of countries adopting digital assets.
The EU Markets in Cryptoassets (MiCA) regulation, expected to be implemented by the end of 2024, and The United Kingdom, which plans to introduce a comprehensive regulatory framework for cryptocurrencies In early 2025, these are just some examples of countries working to create regulatory clarity in digital finance.
These steps point to a future in which the digital finance landscape is more regulated, secure and encouraging of innovation, providing clearer guidance for investors and companies in the cryptocurrency market.