Morocco is on the brink of overturning its ban on cryptocurrencies, as the country moves towards drafting regulations to facilitate the adoption of digital assets amidst the global rise of blockchain technology. Abdellatif Jouahri, the governor of Morocco’s central bank, announced that the country is in the process of developing cryptocurrency legislation to establish regulatory oversight in the sector.
The ban on Bitcoin (BTC) and other cryptocurrencies was implemented in 2017 due to concerns about potential systemic risks. However, despite the prohibition, a significant number of Moroccans, nearly 5% of the population, were found to be using digital assets by late 2023, effectively disregarding the ban.
Jouahri disclosed that laws drafted by the Bank Al Maghrib are currently being prepared for adoption, although the official timeline for the legitimization of digital currencies in the country remains uncertain. Speaking at a conference in Rabat, the governor also mentioned the ongoing exploration of a central bank digital currency (CBDC), emphasizing the need to assess whether a CBDC could help achieve certain public policy objectives.
The shift in Morocco’s stance on cryptocurrencies reflects a broader trend of countries reevaluating their skepticism towards digital assets as they continue to gain traction globally. The optimization of international settlement through blockchain technology has been highlighted, with companies like Tether and Circle facilitating cross-border trades.
Other jurisdictions, such as Hong Kong, have already rolled out regulatory frameworks for digital assets and have been recognized as global hubs for innovation. The United Kingdom is also set to announce digital asset regulations in 2025, while U.S. policymakers are actively working on crypto and stablecoin bills, spurred by the initiatives of President Donald Trump’s administration.
Senator Cynthia Lummis’ Bitcoin reserve bill has garnered significant support, with experts suggesting that the proposal may receive Congressional approval. The evolving landscape of cryptocurrency regulation signifies a shift towards standardizing local virtual currency ecosystems rather than implementing blanket bans, as countries adapt to the growing influence of blockchain technology.