Morocco drafts law to legalise cryptocurrency by 2024
Morocco’s central bank, Bank Al-Maghrib, is working on a draft law to regulate cryptocurrencies, potentially legalising their use after the country banned them in 2017.
Abdellatif Jouahri, the central bank governor, shared with Reuters that the proposed legislation is currently undergoing review as part of its adoption process.
Despite the 2017 ban, a significant portion of Moroccans continued to hold digital assets, prompting the government to reconsider its stance.
This move reflects Morocco’s growing interest in establishing a formal regulatory framework for cryptocurrencies.
The proposed law aligns with global trends as many nations seek to regulate digital assets amid rising adoption.
Europe’s Markets in Crypto-Assets Regulation (MiCA), expected to be implemented by the end of 2024, has served as inspiration for countries, including Morocco, to develop similar frameworks.
In addition to cryptocurrency regulation, Morocco is exploring the potential of a central bank digital currency (CBDC).
"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," Jouahri explained.
CBDCs differ from decentralised cryptocurrencies like Bitcoin (CRYPTO:BTC) by operating on permissioned blockchain networks managed by central authorities.
Morocco’s interest in CBDCs complements its efforts to introduce comprehensive cryptocurrency regulations.
This shift occurs as global interest in digital assets reaches new heights.
Bitcoin recently approached the $100,000 milestone, demonstrating its growing relevance in global financial markets.
With this draft law, Morocco aims to balance innovation with regulatory oversight, ensuring the safe and efficient integration of cryptocurrencies into its financial system.
