Morocco Moves Toward Crypto Regulation

Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib, revealed the news at an international conference in Rabat.

The country has banned the use of cryptocurrencies like Bitcoin since 2017. But, people still find ways to use them in secret, going around the restrictions. Let’s discover more about this important news for crypto regulation.

Morocco’s New Law Will Regulate Crypto and Explore a CBDC

The new law aims to regulate crypto assets, creating rules for how people can use digital currencies. The central bank is also looking into the possibility of launching a central bank digital currency (CBDC). Unlike traditional cryptocurrencies, a CBDC would be fully managed by Morocco’s central bank. This would give the government more control over the digital money.

MOROCCO MOVES TO LEGALIZE CRYPTO AFTER 2017 BAN

Central Bank Governor Abdellatif Jouhari confirmed a draft proposal for systematic adoption, marking a major shift as global crypto markets gain momentum.

Source: @WatcherGuru
Media Source: Morocco World News pic.twitter.com/fWu47Q9qtW

— Mario Nawfal (@MarioNawfal) November 26, 2024

Jouahri explained that many countries are looking into CBDCs to see if they can help with goals like financial inclusion. In simple terms, financial inclusion means making it easier for people, especially those without easy access to banks, to use and store money. By creating a digital currency, Morocco could provide more people with a safe way to save and pay for things online.

More About Morroco and Crypto Regulation

While Morocco’s draft law is still under review, it shows that the country is thinking ahead about how to handle the growing popularity of cryptocurrencies. Countries all over the world are exploring ways to manage digital money, and Morocco is no exception. The government wants to make sure that people can use digital currencies safely. While also keeping an eye on things like crime and illegal activity.

Here is what Chainlink’s CEO said about stablecoins about CBDCs:

What if all Stablecoins, RWAs and CBDCs start being connected to each other and to all the world’s digital assets, across all chains, on one platform/standard set of protocols, because it has all the data connections, identity connections and cross-chain connections they need to… https://t.co/15J4Ed3sU5

— Sergey Nazarov (@SergeyNazarov) November 19, 2024

Many other countries are also considering their versions of digital currencies. Central banks believe that digital currency can help speed up payments, reduce costs, and make it easier to track financial transactions. In the U.S., the idea of a digital dollar has also been discussed, and the European Union is exploring the idea of a digital euro.

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