BTA2023 Morocco is taking concrete steps to regulate cryptocurrency use with new legislation in the works, Governor Abdellatif Jouahri of Bank Al-Maghrib (BAM) announced during an international conference in Rabat on Tuesday, Reuters reported.
The draft law aims to provide a legal framework for crypto assets, marking a shift from the national blanket ban imposed in 2017.
Despite the ban, Moroccans have increasingly turned to underground channels to trade cryptocurrencies.
“Bank Al-Maghrib has prepared a draft law regulating crypto assets, which is currently undergoing the adoption process,” Jouahri said.
The bank is also exploring the potential of a central bank digital currency (CBDC), Jouahri added. Unlike decentralized cryptocurrencies such as Bitcoin, a CBDC is issued and controlled by the central bank, offering potential benefits in areas like financial inclusion.
“Like many countries worldwide, we are studying how a CBDC could help achieve certain public policy goals, particularly in fostering greater financial inclusion,” Jouahri said.
