Morocco is taking steps to regulate cryptocurrencies, with a draft law currently in the process of adoption, according to Abdellatif Jouahri, Governor of the country’s central bank, Bank Al Maghrib.
Cryptocurrencies have been banned in Morocco since 2017, but underground usage persists as individuals circumvent restrictions. Speaking at an international conference in Rabat, Jouahri revealed that the central bank has prepared legislation to govern crypto assets, signaling a potential shift in the country’s approach to digital currencies.
Exploring a Central Bank Digital Currency
In addition to regulatory efforts, Bank Al Maghrib is investigating the feasibility of a central bank digital currency (CBDC). Jouahri highlighted the potential of a CBDC to support public policy goals, particularly enhancing financial inclusion.
“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,” Jouahri stated.
Unlike cryptocurrencies, which are typically decentralized, a CBDC is controlled by the central bank, offering governments greater oversight and control over the digital currency ecosystem.
The draft law and exploration of a CBDC indicate Morocco’s intent to modernize its financial systems while addressing the challenges posed by unregulated crypto activity.
If the draft law is adopted, it could pave the way for a more structured and secure approach to digital assets in the country.
