The central bank has drafted a regulatory framework as the total ban on crypto does not work.

The head of Morocco’s central bank (Bank Al Maghrib), Abdellatif Jouahri, announced this week that the North African kingdom would shift away from its total crypto ban policy by legalizing all cryptocurrencies.

The motive is that in spite of the ban Morocco imposed in 2017, the nation’s crypto community has continued trading crypto assets anyway, circumventing restrictions. Bank Al Maghrib has drafted and put for adoption a set of regulations on cryptocurrencies, getting inspiration from the European Union’s MiCA legislation in the area.

Bank Al Maghrib also explores a central bank digital currency (CBDC), Jouahri said at an international conference in Rabat, quoted by Reuters.

Only ten countries have enforced a strict ban on cryptocurrencies including China. Less than 20 countries apply partial restrictions, according to Chainalysis, a blockchain data platform. 

***

NewsCafe is an independent outlet that cares about big issues.Our sources of income amount to ads and donations from readers. You can support us via PayPal: office[at]rudeana.com or paypal.me/newscafeeu. We promise to reward this gesture with more captivating and important topics.