Morocco Moves Toward Legalizing Bitcoin and Crypto, Defying 2017 Ban
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Morocco Prepares to Regulate Bitcoin and Crypto After 2017 Ban and Explore CBDC Development. Morocco is taking significant steps toward regulating cryptocurrency use and exploring the introduction of a central bank digital currency (CBDC). Abdellatif Jouahri, the governor of Bank Al-Maghrib (BAM), the country’s central bank, confirmed that a draft law to govern cryptocurrency transactions is now under review and in the process of adoption. Since 2017, Morocco has maintained a ban on Bitcoin and all other cryptocurrencies due to concerns about money laundering, terrorist financing, and other illicit activities. However, underground crypto usage has persisted despite this prohibition, signaling strong public interest in digital assets. The new legislation aims to provide a legal framework for crypto transactions, balancing regulatory oversight with the growing demand for digital finance solutions. Morocco CBDC In parallel, BAM is exploring the potential launch of a CBDC. Unlike decentralized cryptocurrencies, a CBDC would be controlled by the central bank, offering the advantages of digital currency while aligning with national financial policies. BAM sees the CBDC initiative as a way to promote financial inclusion and modernize the country’s financial infrastructure. Morocco is part of a global trend toward CBDC development. Currently, 134 countries are researching or developing CBDCs, a dramatic rise from 35 in 2020. Among these, 66 nations—including all G20 members—are in advanced stages, ranging from pilot programs to near-ready implementations. DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses. Source: https://thecryptobasic.com/2024/11/26/morocco-moves-toward-legalizing-bitcoin-and-crypto-defying-2017-ban/?utm_source=rss&utm_medium=rss&utm_campaign=morocco-moves-toward-legalizing-bitcoin-and-crypto-defying-2017-ban
Filed under: News - @ November 26, 2024 10:20 pm