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Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
Morocco Bitcoin crypto news

Morocco To Legalise Bitcoin And Crypto, Says Central Bank Chief

Jake Simmons
by Jake Simmons
Last Updated: November 27, 2024 12:00 am
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Morocco is poised to lift its long-standing ban on Bitcoin and cryptocurrencies, signaling a significant shift in the nation’s financial policy. According to Reuters, Abdellatif Jouahri, the Governor of Bank Al-Maghrib (BAM), announced that a draft law regulating crypto assets is in the final stages of adoption. “We have prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri stated during an international conference in Rabat.

Bitcoin And Crypto Ban Reversal Was Long Planned

Cryptocurrencies have been banned in Morocco since 2017 due to concerns over financial risks and market volatility. Despite the ban, Bitcoin and cryptocurrency usage persisted underground, with an estimated 4.9% of the Moroccan population—approximately 1.9 million people—owning digital assets as of 2022. Morocco ranks among the top countries globally in cryptocurrency adoption, and according to Chainalysis’s 2023 report, it is second only to Nigeria in Africa for crypto usage.

Related Reading: Bitcoin Price Crashes Below $93,000: Top 3 Reasons

The central bank’s decision to regulate rather than prohibit Bitcoin and cryptocurrencies reflects a growing recognition of their potential benefits. Jouahri emphasized that BAM is also exploring the development of a central bank digital currency (CBDC). “Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion,” he said.

Morocco’s journey from a complete ban to embracing Bitcoin and crypto regulation has been methodical. In March 2022, Moroccan officials engaged with the International Monetary Fund (IMF), the World Bank, and central banks in Sweden, France, and Switzerland to study their regulatory approaches to crypto-related activities, indicating a potential shift towards a more nuanced policy.

By June 2022, BAM announced plans to unveil a Cryptocurrency Regulation Bill, marking a significant turnaround from its previous hardline stance. The central bank collaborated with the World Bank and IMF to draft the legislation.

Related Reading: $100K Bitcoin Is Only The Beginning, VanEck Targets $180K

In August 2022, the Moroccan Capital Markets Authority (AMMC) launched a fintech portal aimed at supporting market players and promoting technological innovations in the financial sector, signaling regulatory openness to cryptocurrencies. By December 2022, Governor Jouahri confirmed that the crypto regulatory framework was complete and ready to be presented to fintech stakeholders. “For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank to make it happen,” he noted.

At press time, BTC traded at $92,388 down -5.3% over the past 24 hours.

Bitcoin price
BTC dips below $93,000, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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