According to reports, Morocco intends to legalize all cryptocurrencies following its 2017 ban on digital assets.
A growing number of nations are creating crypto regulatory frameworks that draw inspiration from the impending MiCA laws in Europe.
According to Reuters, a draft law for regulating cryptocurrencies has been drafted by Bank Al-Maghrib, Morocco’s central bank, and is being examined.
According to Reuters, the Moroccan central bank has “prepared a draft law regulating crypto assets, which is currently in the adoption process.” Abdellatif Jouahri, the central bank governor, outlined the new draft bill.
Since a sizable portion of the population still possesses digital assets, Morocco’s November 2017 nationwide ban on Bitcoin, BTC, and other cryptocurrency transactions was only partially successful.
A week after Bitcoin struggled to reach $100,000, the report coincides with a surge in interest in the cryptocurrency. For the first time in cryptocurrency history, Bitcoin came within $200 of breaking the six-figure mark on November 22.
MiCA sparked interest in crypto legislation around the world.
Morocco’s central bank is also investigating a possible central bank digital currency (CBDC). Jouahri, its governor, said:
“Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.”
Unlike decentralized public blockchain networks like Bitcoin and Ethereum, CBDCs are issued on permissioned blockchain networks that a central financial institution often governs.
Morocco’s increasing interest in cryptocurrencies coincides with a global push to create regulations governing digital assets.
After discovering that more than 12% of UK adults own cryptocurrency, the Financial Conduct Authority (FCA), the country’s primary financial regulator, released a new roadmap on November 26 to regulate cryptocurrencies by 2026.
Europe has dramatically influenced other nations to create laws about digital assets.
The Markets in Crypto-Assets Regulation (MiCA), the first complete regulatory framework in history, is intended to be implemented by the EU by the end of 2024.
