The North African kingdom of Morocco is considering a draft bill to regulate cryptocurrencies, as stated by Abdellatif Jouahri, the head of the country’s central bank.
According to him, the draft law, developed with the support of the World Bank and industry participants, is already “in the process of adoption.”
The new regulatory framework will replace a series of restrictions on digital asset transactions, including the complete ban on Bitcoin imposed in 2017.
“In Morocco, we learned about [cryptocurrency] back in 2017 and initially focused on informing people about the associated risks. Later, considering changes in international regulation, Moroccan authorities adopted a regulatory approach aimed at ensuring adequate protection for users and investors while maintaining the ability to benefit from these innovations,” commented Jouahri.
The restrictions had little effect, as a significant portion of Morocco’s population continued to use cryptocurrencies.
According to the central bank head, alongside the development of laws, the bank has joined several relevant international organizations:
“Recognizing the need for a collective approach, we have created a specialized community led by the financial ecosystem and regulators. On the international stage, the Bank has joined several specialized organizations in the field of cybersecurity, facilitating the exchange of experience and information.
Jouahri added that the central bank has not ceased exploring the idea of launching a CBDC:
“This is a long-term endeavor that must take into account the national socio-economic context, the evolution of the regional and international environment, as well as the impact on certain central bank tasks, particularly monetary policy and financial stability.”
Moroccan authorities launched an initiative to assess CBDC prospects in 2021.
In November, the UK government announced plans to develop a regulatory framework for the crypto industry by early 2025.