JUST IN: Morocco Set to Officially Legalize Cryptocurrencies

Morocco is in the process of drafting a new cryptocurrency regulation, according to Abdellatif Jouahri, the governor of the country’s central bank.

While cryptocurrencies have been officially prohibited in Morocco since 2017, their use continues in the country through underground channels, as citizens bypass the existing restrictions.

During an international conference in Rabat, Jouahri revealed that the central bank, Bank Al Maghrib, is working on a draft law aimed at regulating crypto assets, which is currently under review for adoption.

In addition, the bank is also looking into the possibility of introducing a central bank digital currency (CBDC).

Jouahri explained that Morocco, like many other nations, is investigating the potential benefits of CBDCs, particularly their ability to support public policy goals, such as promoting financial inclusion.

Unlike decentralized cryptocurrencies, a CBDC would be directly controlled by the central bank.