Morocco is gearing up to officially embrace cryptocurrency, signalling a shift in policy after its 2017 ban. Abdellatif Jouhari, the governor of Bank Al-Maghrib (Morocco’s central bank), announced that a draft law aimed at regulating cryptocurrency is in its adoption phase. This initiative is part of a broader effort to integrate digital assets into Morocco’s financial ecosystem while addressing the complexities associated with their use.
Speaking at an international conference in Rabat, Jouhari explained that the draft law seeks to provide a structured framework for cryptocurrency adoption. This development positions Morocco as a potential leader in the region, setting a precedent for how emerging markets can regulate and integrate digital currencies.
Toward a Central Bank Digital Currency (CBDC)
In addition to legalising cryptocurrency, Morocco is actively exploring the feasibility of a central bank digital currency (CBDC). Jouhari highlighted the potential of CBDCs to advance key public policy objectives, particularly financial inclusion. By leveraging digital currencies, Morocco aims to provide equitable access to financial services, especially for unbanked and underserved populations.
“Like many countries around the world, we are exploring the extent to which this new form of currency could contribute to achieving certain public policy objectives,” Jouhari stated, emphasising the role of CBDCs in fostering a more inclusive financial landscape.
A Global Trend
This move reflects a growing trend among nations to reassess their stances on digital assets. While countries like Morocco initially resisted the cryptocurrency wave, recent developments in blockchain technology, coupled with increasing demand for digital assets, have prompted a reevaluation.
By prioritising a structured approach to cryptocurrency regulation and CBDC exploration, Morocco could position itself as a hub for digital innovation in North Africa. The shift also underscores the country’s recognition of the transformative potential of blockchain and cryptocurrency in modern finance.
With this change, Morocco joins the ranks of nations that are opening their doors to cryptocurrency, signalling a new era of financial innovation and inclusivity.
