Morocco's Crypto Awakening: Central Bank Drafts New Law

Bank Al Maghrib, Morocco's central bank, is moving towards regulating cryptocurrencies. Despite a 2017 ban, the public continues using them underground. The bank has prepared a draft law currently under adoption. Additionally, it explores a central bank digital currency to boost financial inclusion.

In a significant move towards financial modernization, Morocco's central bank, Bank Al Maghrib, announced the preparation of a draft law aimed at regulating cryptocurrencies, according to remarks by Governor Abdellatif Jouahri at an international conference in Rabat.

Despite a ban on cryptocurrencies since 2017, Moroccans have continued to engage in underground dealings. The central bank's initiative is seen as a step towards bringing these activities under legal oversight, Jouahri noted. This draft law is now progressing through the adoption process.

Further, Bank Al Maghrib is examining the feasibility of a central bank digital currency (CBDC), reflecting a global trend. Jouahri emphasized the potential of CBDCs to advance financial inclusion, a priority for the bank's public policy objectives.

(With inputs from agencies.)