Morocco is taking steps to legalize all forms of cryptocurrency, overturning a ban implemented in 2017. The country’s central bank, Bank Al-Maghrib, is crafting a new law for regulating crypto, which is currently undergoing review.
According to governor Abdellatif Jouahri, this draft law is in the process of being adopted and marks a significant change in the country’s stance towards digital currencies. This move is part of Morocco’s efforts to effectively regulate crypto, recognizing their increasing popularity despite the initial ban. The 2017 ban on Bitcoin and other forms of crypto did not deter their usage among Moroccans.
This shift towards legalization comes at a time when global interest in crypto is on the rise, with Bitcoin nearing the $100,000 milestone and sparking more conversation around digital assets.
In addition to legalizing crypto, Morocco is also considering launching its own central bank digital currency (CBDC). Jouahri stated that the central bank is exploring how a CBDC could support public policy objectives, particularly in promoting financial inclusion.
