David Edwards
Abdellatif Jouahri, governor of Bank Al-Maghrib (BAM), Morocco’s central bank, indicated that the government is getting close to adopting a legislative framework to control cryptocurrency assets. This regulatory milestone seeks to reduce the risks connected with cryptocurrency while promoting financial innovation.
Jouahri stressed that the framework is in line with G20 recommendations and represents a balanced strategy that combines innovation and regulatory monitoring when speaking at BAM’s last council meeting of 2024. The framework’s adherence to international best practices is highlighted by the technical advice provided by the World Bank and International Monetary Fund (IMF).
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem. We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties.” Jouahri said.
Morocco is demonstrating its commitment to adjusting to the difficulties of the digital economy by putting itself in a position to be one of the first developing countries to enact comprehensive crypto laws. A tiered adoption process is used for this effort, which includes cabinet approval, legislative discussion, and public participation.
According to international sources, the decision is in line with Morocco’s growing use of cryptocurrencies. The nation came up at number 20 on the Chainalysis Global Crypto Adoption Index and 13th in the world for Bitcoin usage in 2023, according to Insider Monkey.
Morocco wants to further cement its position as a forward-thinking financial center in North Africa by creating a strong legal framework for digital assets.
