The Governor of the Central Bank of Morocco, also known as the Bank Al-Maghrib (BAM), Abdellatif Jouahiri has announced plans to present a cryptocurrency draft bill.
The bill, which intends to provide a regulatory framework for crypto use in the country also intends to protect investors.
Speaking during a press conference, Jouahiri maintained that the bill intends primarily for investor protection rather than restriction.
He said that the Apex bank had worked with the World Bank to develop the framework.
“For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long but necessary to allow everyone to adhere to this project.”
With the growing popularity of cryptocurrencies among countries, various governments are proposing regulations to safeguard investors.
To this end, the BAM solicited inputs from the World Bank and the International Monetary Fund(IMF) to receive inputs on crypto regulation best practices.