Morocco central bank to legalize all cryptocurrencies: Report

Morocco reportedly plans to legalize all cryptocurrencies after the country banned digital assets in 2017.

According to Reuters, Morocco’s central bank, Bank Al-Maghrib, has reportedly prepared a draft law for cryptocurrency regulation, which is currently being reviewed.

The new draft bill was revealed by Abdellatif Jouahri, the governor of the Moroccan central bank, who told Reuters that the central bank has “prepared a draft law regulating crypto assets, which is currently in the adoption process.”

Morocco imposed a country-wide ban on Bitcoin (BTC) and other cryptocurrency transactions in November 2017, which proved partially unsuccessful, as a significant percentage of the country still holds digital assets.

The report comes during an uptick of interest in Bitcoin, a week after BTC battled to hit $100,000. On Nov. 22, BTC came within $200 of breaching the six-figure milestone for the first time in crypto history.

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MiCA ignited global interest in crypto regulations

Morocco’s central bank is also exploring a potential central bank digital currency (CBDC). Its governor, Jouahri, stated:

“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, particularly in terms of financial inclusion.”

CBDCs are issued on permissioned blockchain networks, usually controlled by a central financial institution, as opposed to decentralized public blockchain networks like Bitcoin and Ethereum.

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Morocco’s growing interest in cryptocurrencies comes during a global rise in interest in developing digital asset regulations.

On Nov. 26, the United Kingdom’s top financial authority, the Financial Conduct Authority (FCA), shared a new roadmap to regulate cryptocurrencies by 2026 after revealing that over 12% of UK adults now hold crypto.

Europe has played a significant role in inspiring other countries to develop digital asset regulations.

The EU is preparing for the implementation of the world’s first comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), expected to go live at the end of 2024

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