Morocco is moving closer to regulating cryptocurrencies, according to Abdellatif Jouahri, the governor of the central bank, Bank Al Maghrib.
Jouahri, made this known during an international conference in Rabat on Tuesday, where he revealed that a draft law aimed at regulating crypto assets is currently in the adoption process, Reuters reported.
Although cryptocurrencies have been banned in Morocco since 2017, about 3.1% of Morocco’s population owns some form of digital currency, with users finding innovative ways to navigate around the restrictions.
Jouahri noted that the proposed regulation marks a significant step towards addressing the challenges and opportunities posed by crypto in the country.
He added that Bank Al Maghrib was also exploring a central bank digital currency (CBDC).
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion,” he said.
A CBDC is controlled by the central bank, in contrast to cryptocurrencies which are usually decentralised.
Africa’s struggle with crypto adoption
Cryptocurrencies have shaken up traditional financial systems across the globe, creating fresh ways to move, save, and grow money. But in Africa, where economic challenges and limited access to banking have made digital currencies appealing, many governments have slammed the brakes with outright bans.
Despite the bans, cryptocurrency adoption continues to grow, with many turning to peer-to-peer trading platforms to bypass restrictions in the financial sector.
For example, even with a ban in place, Nigeria received around $59 billion in cryptocurrency value between July 2023 and June 2024, earning it a spot as the only African country in this year’s Global Top 20 ranking.
