Morocco, a North African country that is one of the countries where Bitcoin and cryptocurrencies are banned, is preparing to lift its 2017 crypto ban and legalize cryptocurrencies.
According to Reuters, the President of the Central Bank of Morocco (Bank Al-Maghrib-BAM), Abdellatif Jouahri, announced that a draft cryptocurrency regulation has been prepared.
At this point, with an important policy change, Morocco announced that it had lifted the 2017 ban on cryptocurrencies, signaling a new era for digital assets in the country.
Speaking at an international conference in Rabat, the central bank governor noted that a bill for systematic cryptocurrency adoption is currently in the process of being adopted.
“A bill on the regulation of cryptocurrencies has been prepared and is in the acceptance phase.
“Preparations are also underway for the issuance of a central bank digital currency. Regarding CBDCs, we, like many countries around the world, are exploring the extent to which this new form of currency could contribute to achieving certain public policy goals, particularly in terms of financial inclusion.”
Jouahri stated that the Moroccan government is working with international financial institutions such as BAM, IMF and the World Bank to legalize cryptocurrencies. The aim of this cooperation is to reduce risks such as money laundering and terrorist financing, and to encourage innovation and protect consumer welfare.
*This is not investment advice.