Cryptocurrencies: Morocco is changing course, it intends to legislate

By Fayçal Ismaili on 06/22/2022 at 7:41 p.m.

Kiosk360. The Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, announces that a bill to regulate the use of cryptocurrencies will see the light of day. This article is a press review of the daily newspaperAujourd’hui le Maroc.

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It’s a resounding announcement. Morocco is making a 360° turn regarding digital currencies. Indeed, the country intends to legislate on their use, as reported Morocco today in its June 23 edition.

It is the wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri who reveals the information, affirming, during the press briefing organized at the end of the second quarterly meeting of 2022 of BAM, that a bill aimed at regulating the use of cryptocurrencies will see the light of day.

Several aspects will be taken into consideration by a special committee that will develop an adequate regulatory framework. Among these axes taken into account, the world experiences in the matter, as the newspaper relays, ensuring, according to the n°1 of BAM, that a benchmarking is in progress with the International Monetary Fund (IMF) and the Bank world.

For Abdellatif Jouahri, this new text in preparation will make it possible to update the legislation relating to the fight against money laundering and the financing of terrorism, blowing that certain experts questioned plead for an international regulation for the use of cryptocurrencies.

The newspaper recalls that, until now, Morocco was in total opposition to the use of cryptocurrencies, prohibiting it on the Moroccan market. BAM, the Ministry of Economy and Finance, and the Moroccan Capital Market Authority (AMMC) had even alerted users to the risks associated with its use, citing the lack of consumer protection and the volatility of the price. exchange rates, without forgetting to mention the use for illicit or criminal purposes (money laundering and the financing of terrorism) of these currencies. An unexpected turnaround and strategic change made by the country to ultimately regulate the sector. In short, to be continued.

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