According to the bank’s governor, the Central Bank of Morocco is currently working on a crypto regulation bill. The bank’s committee is working on the necessary framework for crypto regulation according to reports from Bank Al-Maghrib Governor Abdellatif Jouahri.
The regulation comes about through measures that have been discussed with the International Monetary Fund and the World Bank. According to previous reports in March, Morocco’s central bank was in talks with the central banks of Sweden, France and Switzerland, as well as two global financial institutions to discuss best practices for crypto regulation.
Morocco’s Bill May Not Ban Crypto Completely
Morocco’s bill may not be a ban, but rather a friendly regulation that protects consumers while promoting innovation. In particular, the bill will include topics related to counter-terrorism financing and money laundering. Jawhari had previously stated that the country could not adopt cryptocurrencies due to the lack of a proper legislative framework and regulation.
“The G20 and many countries emphasize the importance of a regulatory framework for cryptocurrencies and a regulatory framework for CBDCs.”
Jawharic
According to Finbold in one of the recent press releases, BAM said that the cryptocurrency sector in the country is becoming more and more popular. The bank has also been cautious about warning investors about the risks associated with investing in cryptocurrency.
Ironically, the nation banned Bitcoin trading in 2017. However, demand for the asset has increased as prices have generally risen in recent years. This forced the government to take note of its increasing importance as a result of its popularity.
The International Monetary Fund has also asked countries to develop a regulatory framework for crypto. The IMF has also warned them of the dangers that follow if cryptocurrencies, including Bitcoin, become legal tender in the country. Even the IMF has urged El Salvador to drop Bitcoin’s legal tender status.