Morocco prepares to regulate cryptocurrencies with new draft law

Morocco is taking a significant step towards regulating cryptocurrencies as the country's central bank, Bank Al Maghrib, works on a draft law to oversee crypto assets. Governor Abdellatif Jouahri shared the update during an international conference in Rabat on Tuesday.

Cryptocurrencies have been banned in Morocco since 2017, yet underground usage persists among the public. The proposed legislation aims to bring these activities under legal regulation, marking a potential turning point for the nation's financial system.

The central bank is also exploring the possibility of introducing a central bank digital currency (CBDC). Governor Jouahri highlighted that a CBDC, unlike decentralized cryptocurrencies, would be controlled by the central bank and could contribute to achieving public policy objectives, particularly in advancing financial inclusion.

The draft law, currently in the adoption process, aligns Morocco with global efforts to modernize financial systems and address the challenges posed by digital currencies. This move is seen as a proactive measure to integrate cryptocurrency use into a secure and regulated framework.