• Morocco is legalizing crypto assets and preparing a draft law to regulate them.
• The country is also considering launching its own central bank digital currency (CBDC) to promote financial inclusion.
• This marks a shift from Morocco’s previous stance of banning crypto-related activities in the country.
Morocco is embracing cryptocurrencies once more. The North African nation is preparing new legislation to regulate crypto assets after previously banning them. This renewed interest reflects the growing global adoption of digital currencies.
Background on Morocco’s Crypto Stance
Morocco had previously prohibited cryptocurrency activities within its borders. However, the kingdom is now changing course.
The Central Bank of Morocco has drafted a new law to regulate crypto assets. This legislation is currently under review for potential adoption, according to bank governor Abdellatif Jouahri.
The law marks a notable shift for the nation. Morocco appears to be acknowledging the rising popularity of cryptocurrencies worldwide.
New Central Bank Digital Currency
Beyond regulating crypto, Morocco may also introduce its own central bank digital currency (CBDC).
According to Jouahri, a Moroccan CBDC could promote financial inclusion. The digital currency could help the kingdom achieve key public policy goals.
Like many countries, Morocco is actively exploring the benefits a CBDC could provide. The central bank is weighing how a digital currency could serve its strategic interests.
Embracing Crypto Worldwide
Morocco’s changing stance reflects broader global trends. An increasing number of nations are adopting cryptocurrencies and launching CBDCs.
El Salvador pioneered the adoption of Bitcoin as legal tender in 2021. Meanwhile, China recently introduced the digital yuan CBDC.
As digital currencies gain traction worldwide, more countries are passing legislation to regulate crypto assets. Morocco appears to be following suit with its new crypto law.
