Morocco Will Legalize All Cryptocurrencies
27 Nov, 2024 ● Crypto News
Morocco is reportedly preparing to legalize cryptocurrencies, reversing its 2017 ban on digital assets.
According to Reuters, the Bank Al-Maghrib, Morocco’s central bank, has drafted a law aimed at regulating cryptocurrencies, which is currently under review.
Abdellatif Jouahri, the governor of the central bank, stated, “We have prepared a draft law regulating crypto assets, which is currently in the adoption process.”
In November 2017, Morocco prohibited BTC and other cryptocurrency transactions.
However, the ban proved only partially effective, as a significant portion of the population has continued to hold digital assets.
The announcement comes amid heightened global interest in Bitcoin, particularly after BTC came within $200 of reaching $100,000 for the first time on Nov. 22.
Additionally, Morocco’s central bank is exploring the feasibility of a central bank digital currency (CBDC). Jouahri remarked:
“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.”
Unlike cryptocurrencies like Bitcoin and Ethereum, CBDCs operate on permissioned blockchain networks controlled by central financial institutions rather than decentralized public networks.
The move aligns with a growing global trend toward developing digital asset regulations.
On Nov. 26, the United Kingdom’s Financial Conduct Authority (FCA) released a roadmap for regulating cryptocurrencies by 2026, following a survey indicating that over 12% of UK adults hold crypto.
Europe has been a significant force in inspiring global regulatory efforts.
The EU is set to implement the Markets in Crypto-Assets Regulation (MiCA), the world’s first comprehensive regulatory framework for digital assets, by the end of 2024.
Morocco’s shift toward embracing cryptocurrency regulations reflects the broader international momentum to create legal frameworks for the evolving digital asset ecosystem.
Sources:
https://cointelegraph.com/news/morocco-central-bank-legalize-cryptocurrencies-report
