Morocco moves to regulate cryptocurrencies and launch digital currency

Morocco moves to regulate cryptocurrencies and launch digital currency
Photo: Hashcoin Mine / Credit: Creative Commons/Alexandr Gromov

Morocco’s central bank is taking major steps to modernize its financial system by developing its own central bank digital currency (CBDC) for peer-to-peer and cross-border payments, Reuters reports. Governor Abdellatif Jouahri confirmed on Monday that the bank has been working with the IMF and World Bank to assess the impact of a CBDC on Morocco’s payment systems. The central bank is also collaborating with Egypt’s central bank to explore cross-border uses.

Cryptocurrencies have been banned in Morocco since 2017, but underground usage has persisted. To address this, Morocco has drafted new legislation to legalize and regulate crypto assets. The proposed law, now under review by the finance ministry, aims to protect consumers and investors while ensuring market integrity and preventing fraud.

This shift marks a significant transformation for Morocco, positioning it as a possible regional leader in fintech and digital assets. The law is expected to align crypto operations with global standards, tackle money laundering risks, and create a clearer tax and regulatory framework.

By moving from a blanket ban to a regulated environment, Morocco hopes to attract investment, encourage innovation in blockchain solutions, and provide a safer, more transparent space for digital transactions.

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