Morocco turns the page. Since 2017, cryptocurrencies in Morocco have lived in the shadow of an official ban, but that era appears to be coming to an end. THE Bank Al-Maghrib (BAM)the Moroccan central bank, has just announced that a bill is being adopted to legalize and regulate crypto-assets. A major development which could reshape the economic and technological landscape of the country.
- The Moroccan Central Bank announced a bill to legalize and regulate cryptocurrencies, marking a historic turning point after the 2017 ban.
- This strategic turnaround is influenced by the European MiCA regulatory framework, the persistent local enthusiasm for cryptos and the ambition to improve financial inclusion in Morocco.
From ban to adoption: a strategic shift
In November 2017, the BAM and the Office des Changes characterized transactions in Bitcoin and other cryptocurrencies as violations of exchange regulations. The risks mentioned: money laundering, fraud and market volatility. Despite this, a parallel market has developed, fueled by a curious and tech-savvy population.
Six years later, the tone has radically changed. According to Abdellatif Jouahrigovernor of the BAM, the bill aims to regulate the use of cryptocurrencies within a secure framework. This initiative comes in a global context marked by the rise of regulations inspired by MiCA (Markets in Crypto-Assets Regulation), planned for 2024.
This initiative comes a year after the devastating earthquakes in Morocco, where cryptocurrencies played a key role in offering solutions to centralize donations.
Why now for Morocco?
First of all, the global dynamics of regulation. Morocco is not alone in this movement. The European Union, through MiCA, is setting a precedent by establishing a comprehensive regulatory framework. The United Kingdom, for its part, plans regulation by 2026. Morocco therefore seems to want to avoid remaining on the sidelines.
Furthermore, the popular and irrepressible craze for several years and the technological leap is also evident. The 2017 ban was therefore not enough to stop adoption. Moroccans, particularly young people and the diaspora, continued to use decentralized platforms like LocalBitcoins or non-custodial wallets to exchange and hold their assets.
Bitcoin…. cryptos… and why not an MNBC?
Finally, the BAM sees cryptocurrencies as an opportunity to improve financial inclusion. This also involves exploring a central bank digital currency (MNBC)a subject mentioned by Abdellatif Jouahri as a complementary avenue.
“With regard to central bank digital currencies, and like many countries around the world, we are exploring the extent to which this new form of money could contribute to the achievement of certain public policy objectives, particularly in terms of financial inclusion »
Abdellatif Jouahri – Srouce: Reuters
By pivoting towards a regulated approach, Morocco joins the countries which see economic and social potential in cryptos. If this bill is adopted, it will mark a break with the past and pave the way for a more inclusive and competitive digital economy.
Can Morocco become a regional leader in blockchain and crypto? Time will tell, but this promising shift could be a real renaissance for a once silenced ecosystem.
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