Morocco's Central Bank set to introduce a legislative framework for cryptocurrency regulation imminently
The Central Bank of Morocco, Bank Al-Maghrib (BAM), is currently in the process of designing a regulation for cryptocurrencies. This move comes as the bank consults with a global financial institution and international organisations such as the International Monetary Fund (IMF), the World Bank, and the International Monetary Fund.
According to previous reports, the governor of BAM, Abdul Latif Al Jawhari, has stated that the adoption of cryptocurrencies in Morocco is not a question of "if" but "when". This sentiment is echoed by the G20 and many countries, who emphasise the need for a regulatory framework for cryptocurrencies and Central Bank Digital Currencies (CBDCs).
In 2017, Bitcoin trading was banned in Morocco, but the cryptocurrency sector has gained prominence in recent years. Despite the ban, the sector in Morocco has seen increased popularity, with BAM acknowledging its growth. The bank has advised users to remain vigilant of the risks associated with the cryptocurrency sector.
The cryptocurrency regulation in Morocco aims to mitigate the dangers of legalising assets like Bitcoin, while also addressing concerns such as money laundering and anti-terrorism financing. The regulation is also designed to promote innovation in the sector and help Morocco stay competitive in the rapidly growing digital economy.
It is important to note that the cryptocurrency regulation in Morocco is not expected to ban cryptocurrencies outright. Instead, it aims to provide a clear and comprehensive regulatory framework for the sector. The exact implementation date of the regulation has not been announced yet.
Jawhari has stated that Morocco currently cannot adopt cryptocurrencies due to the lack of laws and national and international legislative frameworks. The bank is working closely with international institutions to ensure that the regulation they design is comprehensive and effective.
The cryptocurrency sector in Morocco has seen increased popularity in recent years, despite the previous ban on Bitcoin trading. The sector is expected to continue growing, and the new regulation is designed to help manage the risks associated with the sector while promoting innovation. The bank has stressed the importance of having a regulatory framework for cryptocurrencies and CBDCs, as it is essential for maintaining financial stability and consumer protection.
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