The governor of Morocco’s Central Bank, Abdellatif Jouahri, recently announced that the country is working on adopting a law regulating crypto assets, marking a significant shift in its stance towards cryptocurrencies, which have been banned since 2017. The statement was made during an international conference in Rabat, highlighting the growing interest in integrating these technologies into the Moroccan financial system.
A regulation for a persistent phenomenon
Despite the ban, the use of cryptocurrencies has continued underground in Morocco, driven by public demand that has circumvented current restrictions. Faced with this reality, the Central Bank, known as Bank Al Maghrib, has developed a bill that seeks to regulate the use of crypto assets in the country.
Jouahri stressed that the draft law is currently in the process of adoption, representing an effort to establish a legal framework that will allow Morocco to safely and efficiently manage this emerging class of financial assets.
Exploring a Central Bank Digital Currency (CBDC)
In addition to working on cryptocurrency regulation, Bank Al Maghrib is evaluating the possibility of introducing a central bank digital currency (CBDC). According to Jouahri, this effort seeks to determine how a CBDC could support public policy objectives, especially in terms of financial inclusion.
Unlike decentralized cryptocurrencies, a CBDC would be issued and controlled by the central bank, offering greater stability and facilitating integration with the traditional financial system.
Implications for Morocco
The adoption of a regulatory framework for cryptocurrencies and the exploration of a CBDC reflect Morocco's intention to position itself in the global digital economy, addressing both domestic demand and international trends in the adoption of financial technologies.
With this approach, Morocco could not only reduce the risks associated with the unregulated use of cryptocurrencies, but also take advantage of the opportunities offered by these technologies to strengthen its economy and foster financial inclusion.
Conclusion
Bank Al Maghrib’s initiative marks a significant step towards modernizing Morocco’s financial system. By regulating cryptocurrencies and exploring a CBDC, the country is demonstrating its commitment to innovation and financial security in an increasingly digitalized global landscape.