Rabat — The Kingdom of Morocco is in the process of developing a bill to regulate cryptocurrency assets in alignment with the directives outlined during the recent G20 Summit. Abdellatif Jouahri, the Governor of the Kingdom’s central bank, Bank Al-Maghrib (BAM), revealed this during a press briefing in Rabat on Tuesday.
Jouahri emphasized that the primary aim of this legislation is to harmonize Moroccan regulations with international standards governing cryptocurrency assets. The rigorous approach is intended to safeguard investors and ensure the stability of the financial system. He made these remarks following the conclusion of the fourth and final quarterly meeting of the BAM Board for 2023.
Furthermore, Jouahri highlighted BAM’s active involvement in projects related to the National Currency of the Central Bank (MNBC). He disclosed that a dedicated working group, in collaboration with technical experts and the International Monetary Fund (IMF), is diligently working on this initiative.
In addition, a recent report on MNBC, currently under scrutiny by BAM, underscores the potential utility of this currency in fostering financial inclusion, a vital aspect for developing nations. Jouahri pointed out that MNBC could significantly contribute to enhancing traceability, as well as reducing transaction costs and times.
The proposed legislation and the development of MNBC reflect Morocco’s proactive stance in addressing the evolving landscape of digital assets and advancing financial inclusion.
This move signifies Morocco’s commitment to adopting a forward-thinking approach that resonates with the global paradigm shift towards embracing digital currencies responsibly in the modern financial ecosystem.
