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Morocco is advancing plans to regulate cryptocurrency use, with a draft law currently in the process of adoption, according to Abdellatif Jouahri, governor of the country’s central bank, Bank Al-Maghrib (BAM).
Speaking at an international conference in Rabat, Jouahri stated:
“Bank Al-Maghrib has prepared a draft law regulating crypto assets, which is currently in the adoption process.”
Current Ban and Ongoing Usage
Cryptocurrencies have been banned in Morocco since 2017, but their use persists in underground markets, with individuals circumventing existing restrictions. The proposed regulation aims to bring the use of digital assets under formal oversight, addressing both risks and opportunities associated with cryptocurrencies.
Exploring Central Bank Digital Currency (CBDC)
In addition to regulating cryptocurrencies, BAM is also exploring the feasibility of introducing a central bank digital currency (CBDC). Jouahri highlighted the potential for CBDCs to advance key public policy objectives, particularly in promoting financial inclusion:
“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.”
Unlike cryptocurrencies, which are typically decentralized, a CBDC would remain under central bank control, offering a secure and regulated alternative for digital transactions.
Implications for Morocco
The adoption of a cryptocurrency regulatory framework could position Morocco as a regional leader in integrating digital financial technologies while mitigating risks associated with unregulated crypto usage. The central bank’s exploration of a CBDC underscores its commitment to leveraging financial innovation for economic inclusion and modernization.
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