Morocco nears crypto law after 2017 ban

Morocco is reconsidering its cryptocurrency ban and drafting regulations to accelerate adoption as blockchain technology gains global prominence.

Abdellatif Jouahri, governor of Morocco’s central bank, revealed that the country is preparing cryptocurrency legislation to establish regulatory oversight.

Morocco banned Bitcoin (BTC) and other cryptocurrencies in 2017 over concerns about systemic risks. Despite this, nearly 5% of Moroccans were using digital assets by late 2023, effectively ignoring the prohibition.

According to Jouahri, laws drafted by the Bank Al Maghrib were already being prepared for adoption. It’s unknown when the country will officially legitimize digital currencies, despite progress with regulation.

Speaking at a conference in Rabat, the governor also mentioned ongoing exploration of a central bank digital currency. While no decisions have been made, Jouahri noted that authorities are assessing whether a CBDC could “contribute to achieving certain public policy objectives”.

More nations made u-turns on crypto skepticism as the digital assets grew in leaps and bounds. Blockchain technology has optimized international settlement, with firms like Tether and Circle facilitating cross-border trades.

Jurisdictions have also sought to standardize local virtual currency ecosystems rather than implement blanket bans. Hong Kong rolled out its regulatory framework earlier in the year and has been hailed as a global hotspot for innovation ever since.

Per crypto.news, the United Kingdom plans to announce digital asset regulations in 2025. U.S. policymakers also worked toward crypto and stablecoin bills, further spurred by President Donald Trump’s administration. Senator Cynthia Lummis’ Bitcoin reserve bill gathered massive support, and experts believe the proposal may capture the Congressional nod.