Morocco plans to allow cryptocurrency transactions

The head of the Central Bank of Morocco, Abdellatif Jouahri, stated that the authorities of the country want to lift the ban on transactions with digital assets. He announced this at an international conference in Rabat, according to the press service of the financial institution.

"The Moroccan authorities have taken into account the potential benefits of digital currencies, such as expanding financial accessibility and promoting technological progress, and intend to develop a new regulatory approach aimed at ensuring adequate protection for users and investors while maintaining opportunities to benefit from these innovations. Bank Al Maghrib has prepared a draft law regulating crypto assets, which is currently undergoing the approval process," Jouahri said.

Cryptocurrencies were banned in the country in 2017; however, the population continued to use them, leading to the emergence of an underground unregulated market to circumvent government restrictions. The bank noted that legalizing cryptocurrency transactions could attract investments to the country.

The Central Bank of Morocco, Al Maghrib, has developed a draft law on cryptocurrency regulation, and the document is currently under review.