The Central Bank of Morocco plans to legalize all cryptocurrencies as the population actively uses them, despite the total ban on digital assets imposed in the country in 2017.
Morocco is preparing to legalize cryptocurrency
Bank Al-Maghrib, the central bank of Morocco, has prepared a bill to regulate cryptocurrencies, which is currently in the process of adoption. This was reported by Abdelatif Jouahri, the head of the Central Bank of Morocco, during an international conference in Rabat, according to Reuters.
Moreover, Bank Al-Maghrib is studying the possibility of creating a central bank digital currency (CBDC). In this context, the bank representatives are particularly interested in the possibility of expanding the accessibility of financial services for the population.
Recall that the authorities of Morocco imposed a nationwide ban on cryptocurrency transactions in November 2017. However, the restrictions did not have a significant impact on the level of digital asset usage, with a significant portion of the country's population owning them. In 2021, according to analysts, more than 900,000 citizens of Morocco owned Bitcoin, which accounted for 2.4% of the total population of the country. At that time, the kingdom led this indicator among North African countries.
Overall, users from the Middle East and North Africa (MENA) region generated about 7.5% of the total volume of cryptocurrency transactions globally in the first half of 2024.
