Badr Bellaj
Blockchain and cryptocurrency expert
Cryptocurrencies, notably bitcoin, have been breaking records since Donald Trump’s victory in the US presidential election. Currently, bitcoin is approaching the million dirham mark. But are Moroccans interested in it? What about regulations? Elements of response…
Do you feel the enthusiasm on the part of Moroccans for cryptocurrencies and in particular bitcoins?
Yes, there is a strong enthusiasm in Morocco for bitcoins. The Kingdom has always been placed among the major cryptocurrency countries in Africa and the MENA region, as evidenced by reports that are the benchmark in the analysis of data related to cryptocurrencies. Last year, we were ranked 27th globally, after a 22nd place in 2022.
Morocco would have received around $12.7 billion in cryptocurrencies, which is enormous. It is one of the most active countries in the world of cryptocurrencies. And this can be easily understood. The country has an advanced digital infrastructure and a youth who are very attached to all things Tech. Therefore, I believe that it is completely logical to see this craze for cryptocurrencies.
How is the regulatory aspect relating to virtual currencies evolving in Morocco?
Regulations evolve very slowly, with a lag, and even out of phase, with global progress. We have seen that several countries are positioning themselves on the cryptocurrency market, but for Morocco, we unfortunately see a very ambiguous position. There is neither a clear authorization nor a clear prohibition. And despite Bank Al-Maghrib’s announcements for two or three years, we have nothing on the table. It’s a very slow project.
How could the arrival of Donald Trump change the situation?
I believe that with the arrival of Donald Trump, things will accelerate. There is talk of the possibility of building a national cryptocurrency reserve in the United States. This will surely shake up the international financial world and change regulations.
In Morocco, Bank Al-Maghrib has always taken the Americans as an example. I hope that with these changes expected on the American side, we can expect to see the same thing in the Kingdom. This is understandable, because our central bank does not master these subjects. They must surround themselves with experts who know the Moroccan context.
Today, they are more assisted by experts from the World Bank or the IMF, who have a rather global approach. However, I hope that by next year we can start to see this regulatory project come to fruition.
Abdellah Benahmed / ECO Inspirations
