Originally published on: November 26, 2024
Morocco is making a groundbreaking move to legalize all cryptocurrencies, overturning a ban imposed back in 2017. Reports confirm that the country’s central bank, Bank Al-Maghrib, is currently working on a draft law for the regulation of digital assets.
Governor Abdellatif Jouahri revealed the exciting news, stating that the draft law is in the final stages of approval. This significant shift comes in light of Morocco’s previous ban on Bitcoin and other cryptocurrencies, which proved challenging to enforce due to the widespread ownership of digital assets in the country.
Recent developments indicate a growing interest in cryptocurrencies, coinciding with the global surge in Bitcoin’s popularity. Just last week, Bitcoin nearly reached the $100,000 mark, coming close to hitting a major milestone in the crypto world.
In addition to legalizing cryptocurrencies, Morocco is also exploring the possibility of launching its own central bank digital currency (CBDC). CBDCs are issued on controlled blockchain networks, differing from decentralized cryptocurrencies like Bitcoin and Ethereum.
Morocco’s progressive stance on digital assets aligns with the broader trend of countries worldwide developing regulations for the crypto industry. The United Kingdom, for example, has unveiled plans to regulate cryptocurrencies by 2026, with a significant percentage of UK adults currently holding crypto assets.
Moreover, the European Union is set to implement the Markets in Crypto-Assets Regulation (MiCA), a comprehensive regulatory framework expected to launch by the end of 2024. These global initiatives highlight the growing importance of cryptocurrencies in the financial landscape.
As Morocco embraces this new era of digital finance, the future looks promising for crypto enthusiasts and investors alike. Stay tuned for more updates on the evolving world of cryptocurrencies.