Abdellatif Jouahri speaks at Bank Al-Maghrib's board meeting on Sept. 24, 2024. Courtesy of Bank Al-Maghrib.Cryptocurrencies have been prohibited in Morocco since 2017, but despite the ban, their use continues covertly as people bypass the restrictions.
Jouahri said at an international conference in Rabat that the central bank has drafted a law to regulate crypto assets, and the adoption process is now underway.
The central bank is also studying the possibility of launching a central bank digital currency (CBDC). Jouahri said, "As with many other nations, we are examining how this new form of currency might help achieve specific public policy goals, especially in promoting financial inclusion."
A CBDC is managed by the central bank, unlike cryptocurrencies, which are typically decentralized.
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