Morocco Set to Legalize Cryptocurrencies, Reversing 7-Year Ban

Abdellatif Jouahri, the governor of BAM, confirmed this information during a conference relayed by the Reuters agency. The objective of this text is clear: to gradually legalize cryptocurrencies in the country and put in place a precise regulatory framework. This turnaround is far from trivial for Morocco, which had been applying a very strict policy towards cryptocurrencies since 2017.

But BAM does not intend to stop there. In addition to regulating existing cryptocurrencies, it is considering launching its own digital currency. Like many other countries, Morocco is studying the potential impact of a central bank digital currency (CBDC) on the country’s economy, particularly in terms of financial inclusion.

To read: Morocco Considers Legalizing Cryptocurrency Amid Growing Adoption

Unlike traditional cryptocurrencies like Bitcoin, a CBDC would be fully controlled by the central bank. This would provide a more secure and regulated framework for digital transactions.

This initiative by Morocco comes in a context of strong growth in the cryptocurrency market, with record values reached by certain assets. Despite the ban, Morocco is already ranked 27th globally in terms of cryptocurrency adoption, according to Chainalysis.