The post Morocco To Legalise Bitcoin And Crypto: Central Bank Chief appeared on BitcoinEthereumNews.com.

Morocco is poised to lift its long-standing ban on Bitcoin and cryptocurrencies, signaling a significant shift in the nation’s financial policy. According to Reuters, Abdellatif Jouahri, the Governor of Bank Al-Maghrib (BAM), announced that a draft law regulating crypto assets is in the final stages of adoption. “We have prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri stated during an international conference in Rabat. Bitcoin And Crypto Ban Reversal Was Long Planned Cryptocurrencies have been banned in Morocco since 2017 due to concerns over financial risks and market volatility. Despite the ban, Bitcoin and cryptocurrency usage persisted underground, with an estimated 4.9% of the Moroccan population—approximately 1.9 million people—owning digital assets as of 2022. Morocco ranks among the top countries globally in cryptocurrency adoption, and according to Chainalysis’s 2023 report, it is second only to Nigeria in Africa for crypto usage. The central bank’s decision to regulate rather than prohibit Bitcoin and cryptocurrencies reflects a growing recognition of their potential benefits. Jouahri emphasized that BAM is also exploring the development 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,” he said. Morocco’s journey from a complete ban to embracing Bitcoin and crypto regulation has been methodical. In March 2022, Moroccan officials engaged with the International Monetary Fund (IMF), the World Bank, and central banks in Sweden, France, and Switzerland to study their regulatory approaches to crypto-related activities, indicating a potential shift towards a more nuanced policy. By June 2022, BAM announced plans to unveil a Cryptocurrency Regulation Bill, marking a significant turnaround from its previous hardline stance. The central…

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Filed under: News - @ November 27, 2024 5:19 am