Morocco To Legalise Bitcoin And Crypto, Says Central Bank Chief
Morocco is poised to lift its ban on Bitcoin and cryptocurrencies, with the central bank chief announcing that a draft law regulating crypto assets is in its final stages. This move is a significant shift in the country's financial policy, and it's likely to have a positive impact on the adoption of cryptocurrencies in Morocco .
The ban on cryptocurrencies has been in place since 2017, but despite this, many Moroccans have continued to use cryptocurrencies through unofficial channels. In fact, Morocco has one of the highest rates of cryptocurrency adoption in Africa, with an estimated 4.9% of the population owning digital assets .
The central bank's decision to regulate cryptocurrencies instead of prohibiting them is a welcome move. It's likely to provide a boost to the country's financial system, and it may even attract foreign investment. The bank is also exploring the potential of central bank digital currency (CBDC) to modernize the financial system .
Overall, this is a positive development for the cryptocurrency market, and it's likely to have a ripple effect on other countries in the region.