Talks are currently being held by the Moroccan central bank with multilateral lenders institutions and other central banking bodies, which focus on cryptocurrency regulation best practices.
Cryptocurrencies are bound to be accepted
Abdul Latif Al Jawhari is the Moroccan central bank governor. He stated that the institution is in talks with the International Monetary Fund, (IMF), and the World Bank regarding crypto regulation best practices.
In addition to these two financial institutions international, the Central Bank of Morocco is in discussions with the Swiss, France, and Sweden regarding the same subject.
According to a report by Unlock Media, Al Jawhari’s remarks concerning cryptocurrencies come on the heels of increased calls for authorities to regulate the crypto industry. The CBM Governor, despite acknowledging that cryptocurrencies will be adopted by Moroccans in the near future, insists that they should only occur when there is a legal framework. Al Jawhari explained that:
We cannot currently adopt cryptocurrency due to the absence of national and international regulatory and legislative structures. Many countries, including the G20, stress the need for a cryptocurrency regulatory framework. [CBDC].
Moroccan Crypto and CBDC Regulatory Framework
In order to prepare Morocco for the inevitable adoption of cryptocurrencies, Al Jawhari is quoted stating that the CBM has since created a council that will “oversee the required regulations for both cryptocurrencies and CBDCs.”
Al Jawhari is the head of the Unlock Report’s council. It was founded in February 2021. The council was created to examine the potential implications of cryptocurrencies adoption in Morocco.
Despite the government’s anti-crypto stance, Morocco recently became North Africa’s leading peer-to-peer crypto trading region. Bitcoin.com News reported that Morocco also has Africa’s fifth largest percentage of cryptocurrency owners.
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