The Governor of the Central Bank of Morocco, Abdellatif Jouhari, said they are preparing a draft law on cryptocurrencies that are currently undergoing acceptance in the financial markets.
Cryptocurrencies have been banned in Morocco since 2017 but people continue to use them illegally to circumvent restrictions.
The Bank of Al-Maghribi is preparing a draft law regulating crypto assets that is currently in the process of being accepted.
The department is also exploring central bank digital currencies (CBDCs) like many countries around the world and exploring the extent to which this new form of currency can contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.
Morocco’s legislative progress reflects broader efforts by the country to create a structured framework for digital assets while addressing the associated risks.
The global regulatory stance on crypto appears to have improved following the US election earlier this month.
In addition, Donald Trump’s policies have promised several pro-crypto initiatives in the country.
So, it is likely that international markets are feeling competitive pressure to step up their crypto efforts.
