Morocco is on the way to adopting a draft law on cryptocurrencies, the Central Bank Governor, Abdellatif Jouahri, has revealed.
According to the Governor, the central bank, known as Bank Al Maghrib, ‘has prepared a draft law regulating crypto assets, which is currently in the adoption process.‘
Jouahri revealed this as part of his remarks at the 4th Regional High-Level Symposium on Financial Stability, which is being held in the North African country’s capital, Rabat, from November 26 to 27 2024.
The bank is also exploring a central bank digital currency (CBDC):
“Like many countries around the world, we are looking into how this new form of currency could contribute to achieving public policy objectives, particularly in terms of financial inclusion,” Jouahri said, as reported by Reuters.
Jouahri previously said that the draft offers a definition for cryptocurrency that is adapted to the Moroccan context and does not aim to constrain innovation, but rather, to protect individuals from risks associated with dealing in the highly-speculative market.
The Central Bank of Morocco is Exploring Crypto Regulation to Protect Consumers https://t.co/exlvbAR8yD
— GEM HODLERS News & Marketing Co.® 💎 (@TheGemHodlers) July 8, 2022
He also revealed having consulted with the World Bank in preparing the draft regulation.
Although trading of crypto is technically outlawed in Morocco, data suggest that digital assets remain highly popular. People are not dissuaded despite repeated warnings and clarifications on the risks associated with holding and trading in cryptocurrencies.
French Citizen Gets Fined and Jailed for Using Bitcoin to Buy a Ferrari in Morocco 🇲🇦
Moroccan courts have upheld an 18-month prison sentence handed down to a 21-year-old French citizen for ‘fraud’ and ‘illegal use of cryptocurrency.’ Morocco considers cryptocurrencies illegal.…
— BitKE (@BitcoinKE) May 12, 2023
Consequently, Morocco has emerged as one of the leading countries in crypto adoption on the continent. In 2022, the North African nation was ranked 14th on the Chainalysis Global Crypto Adoption Index, making its first appearance on the list.
Morocco🇲🇦 Joins the Top 20 in the Latest 2022 Chainalysis Global Crypto Adoption Index
Togo🇹🇬, South Africa 🇿🇦, Ghana🇬🇭, and Tanzania🇹🇿 were representatives of Africa in the 2021 index, but are out of the top 20 in 2022.https://t.co/pBnU8Uo070
— BitKE (@BitcoinKE) September 28, 2022
As previously reported by BitKE, Morocco has emerged as the most cash-reliant country in the world with 74% of all payments in Morocco being cash-based and 71% of the population not having their own bank accounts.
REPORT | Morocco 🇲🇦 Leads Globally as the Most Cash Reliant Country (74%) Followed by Egypt 🇪🇬, Kenya 🇰🇪
Interestingly, 84% of the Moroccan population have access to the internet, so this preference for cash is likely not due to any internet issues.
The analysis also looked at… pic.twitter.com/seHwuQkVEZ
— BitKE (@BitcoinKE) July 25, 2024
Morocco again made it to the top 20 of the Chainalysis 2023 Global Crypto Adoption Index. Morocco and Nigeria were the only African countries on the list.
After failing to ban #Bitcoin, #Nigeria and #Morocco Make Top 20 of the Chainalysis 2023 Global Crypto Adoption Indexhttps://t.co/bPLmQjcIs1
— ₿itcoin Xoe 🇭🇹 (@Bitcoin_Xoe) September 15, 2023
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