The Moroccan central bank is currently working on a bill that would offer a framework for regulating cryptocurrencies.
The governor of the Central bank, Abdellatif Jouahri, has indicated that this will most likely be executed shortly .
Jawhari said, “Both Central Bank Digital Currencies (CBDCs) and cryptocurrencies need a regulatory framework, which is emphasized by the G20 as well as several governments.”
In addition to this revelation, the governor said that his organization had discussed the standards they will use with the IMF and World Bank.
Jouhari said the framework would strengthen Morocco’s laws against money laundering and financing terrorism. It will also fix problems with how cryptocurrencies are regulated.
Even though the Moroccan Central Bank has admitted in the past that Moroccans can embrace cryptocurrencies, the Moroccan Ministry of Finance and the Moroccan Capital Market Authority have repeatedly warned Moroccans about the risks associated with doing so.
The International Monetary Fund (IMF) has recommended countries establish crypto policies and decrease the risks of adopting digital assets like Bitcoin.
According to the sources, the regulations would not completely ban cryptocurrency, but they will likely stimulate innovation within the business while also protecting customers.
According to Jawhari, there are currently no laws or international legal frameworks on the ground that would allow the country to use cryptocurrencies; as a result, the country is unable to use them.