Morocco Drafts Law to Legalize Crypto as Bank Al Maghrib Explores CBDC

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Morocco is making waves in the financial world with its latest move to draft a law regulating cryptocurrencies. This shift comes after a 2017 ban that pushed crypto activity into the shadows. Now, the country’s central bank, Bank Al Maghrib, is taking the lead in crafting a framework to balance innovation with regulation.

A Nation Embracing Crypto

Despite the ban on cryptocurrencies, around 3.1% of the total population of Morocco owns some form of cryptocurrency. Users have been finding creative ways to bypass restrictions. Now, the draft law aims to bring this activity into a legal framework.

Bank Al Maghrib has also hinted at exploring a Central Bank Digital Currency (CBDC), signaling a broader strategy to modernize the financial system.

Allocution d'ouverture du Gouverneur de @BankAlMaghrib à l'occasion de la quatrième édition du Symposium régional de haut niveau sur la stabilité financière, qui se tient du 26 et 27 novembre 2024, à Rabat.

Consulter le discours https://t.co/6ISW4zkYF4 pic.twitter.com/zLQ8s5IsJh

— Bank Al-Maghrib (@BankAlMaghrib) November 26, 2024 The Return of the CBDC Debate

The concept of a Moroccan CBDC isn’t entirely new. In 2021, a committee was formed to explore its potential, but little progress was made. Now, however, the conversation has resurfaced, with Governor Abdellatif Jouahri emphasizing the role of CBDCs in fostering financial inclusion. Unlike decentralized cryptocurrencies, CBDCs would be centrally controlled by the government, offering a more stable digital alternative for citizens.

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What’s Next?

As Morocco shifts from banning crypto to regulating it, the world is watching closely. If successful, this could serve as a model for other nations facing similar challenges. For now, all eyes are on how these bold plans will shape Morocco’s financial future.

This is a developing story—stay tuned for more updates.