Morocco Set to Lift Cryptocurrency Ban

The Governor of the Central Bank of Morocco, Abdellatif Jouahri, announced that the country is working on a draft law that will allow for the legal use of cryptocurrencies. Although cryptocurrencies have been banned in Morocco since 2017, many users continue to bypass these restrictions and use them. This draft law, prepared by Bank Al Maghrib, aims to regulate crypto assets and is currently in the process of being approved.

CBDC developments are also underway. Jouahri stated during an international conference held in Rabat that the central bank is also working on Central Bank Digital Currencies (CBDCs). He noted that they are exploring how these efforts could contribute to public policy goals, such as increasing financial inclusion. Unlike traditional cryptocurrencies, CBDCs represent a digital currency model that is controlled by the central bank.

The legalization of cryptocurrencies is thought to potentially create new economic opportunities for Morocco. If this draft law is approved, it is expected to make the use of crypto assets safer and more regulated, thus providing a more attractive environment for investors in the sector. With this move, Morocco aims to open new doors for both local and international entrepreneurs.