Morocco might soon join other countries with its Crypto regulatory bill as the Central Bank of Morocco, Bank Al-Maghrib (BAM) is designing a crypto regulation by consulting a global financial institution.
As per reports, BAM’s governor Abdellatif Jouahri revealed the institution is joining the International Monetary Fund (IMF) and the World Bank for the purpose.
Note that the IMF has been requesting countries to introduce crypto regulations and mitigate the dangers of legalizing assets like Bitcoin.
The regulations will reportedly not ban cryptocurrencies but are likely to promote innovation in the sector while protecting consumers. The regulation will also address concerns like money laundering and anti-terrorism financing.
Earlier, BAM’s governor Abdul Latif Al Jawhari had pointed out that adopting cryptocurrencies in the country was a matter of “when” not “if”.
Jawhari said that currently, the country cannot adopt cryptocurrencies due to the lack of laws and national as well as international legislative frameworks.
Jawhari further added, “The G20 and many countries stress the importance of having a crypto regulatory framework as well as a regulatory framework for CBDCs (Central Bank Digital Currencies).”
Recently, BAM admitted that the country’s cryptocurrency sector is quickly growing popular. But, the bank has also asked users to remain vigilant of the risks associated with the sector.
Back in 2017, Bitcoin trading was banned in Morocco, but the asset started gaining prominence especially in recent years.