Morocco's Central Bank releasing a bill regulating crypto
28-06-2022
By: Rohit Khandelwal
Morocco's Central Bank will soon release a bill regulating
cryptocurrency: Report
According to reports, Bank Al-Maghrib (BAM) governor Abdellatif Jouahri is working with a committee of the Moroccan central bank to establish an acceptable regulatory framework for cryptocurrencies. The governor also disclosed that his organization has consulted with the World Bank and the International Monetary Fund (IMF) on the standards that would be used.
Before Jouhari's most recent statements, CoinGabbar News revealed in March 2022 that the Moroccan central bank was in discussions with two major financial organizations in addition to the central banks of France, Sweden, and Switzerland. According to the central bank, the discussions at the time were centered on the best methods for regulating cryptocurrency.
Balancing Innovation and Consumer Protection
The proposed regulatory framework for cryptocurrencies by BAM, according to a local media outlet, is anticipated to find a compromise between the need to promote innovation and the welfare of customers.
Jouhari stated that the framework under development will strengthen Morocco's money laundering and anti-terrorism funding legislation in addition to addressing difficulties with the regulation of cryptocurrencies.
Although the central bank has previously acknowledged that Moroccans are likely to adopt cryptocurrencies, BAM has regularly issued warnings about the risks connected with cryptocurrency use, together with the Ministry of Finance and the Moroccan Capital Market Authority.
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