Morocco to Legalize and Regulate Cryptocurrencies

Morocco is set to overturn its 2017 ban on cryptocurrencies by drafting new regulations to legalize and regulate digital assets. This move by the central bank, Bank Al-Maghrib, reflects a significant shift in Morocco's financial policy, aiming to address the persistent underground usage of cryptocurrencies, which involves nearly 5% of the population. Governor Abdellatif Jouahri announced that the draft law is in the adoption process and that the bank is also exploring a central bank digital currency (CBDC) to enhance financial inclusion. The decision aligns with global trends toward embracing digital currencies, as seen in the UK and EU's regulatory efforts. Morocco's strategy is part of a broader plan to modernize its economy while ensuring oversight and stability.