RABAT, Nov 26 (Reuters) – Morocco is moving towards regulating cryptocurrencies, with a draft law currently in the adoption process, according to Abdellatif Jouahri, the governor of the country’s central bank, Bank Al Maghrib. Cryptocurrencies have been prohibited in Morocco since 2017, but their use has persisted, circumventing existing restrictions.
“Bank Al Maghrib has prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri stated at an international conference in Rabat.
In addition to cryptocurrency regulation, Bank Al Maghrib is also investigating the potential of a central bank digital currency (CBDC). A CBDC would be directly controlled by the central bank, unlike cryptocurrencies, which are typically decentralized.
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion,” Jouahri explained.
