The Central Bank of Morocco is working on a bill to regulate cryptocurrencies

Article Reading Time:
1 min.

The Central Bank of Morocco has begun developing legislation to control cryptocurrencies and combat illegal activities in the digital industry.

Central Bank Governor Abdellatif JuahriJouahri said that the bill will be presented soon. The development is being carried out by the International Monetary Fund (IMF) and the World Bank. The regulator is also consulting with the central banks of France, Sweden and Switzerland, which share their experience in regulating cryptocurrencies.

Juahri assured that the updateda regulatory framework tailored for crypto-assets will establish a balance between the development of innovation and the protection of consumer rights. In addition, it will address “Morocco’s biggest pain points” as it will help combat money laundering and terrorist financing. 

Juahri previously said that despitepopularity of cryptocurrencies, they cannot be used in the country due to the lack of a legal framework. In 2017, the government banned the use of Bitcoin. The Central Bank and the Ministry of Finance have repeatedly warned users about the risks associated with investing in cryptocurrencies.

According to researchersChainalysis, developing countries in Africa have a high level of adoption of cryptocurrencies. This includes Morocco, as more than half the country's population does not have bank accounts. Given the lack of financial infrastructure and the growing popularity of Bitcoin, it has become difficult for the government to enforce the ban. Therefore, the Moroccan authorities consider it more appropriate not to ban crypto-assets, but to establish control over them.