Morocco reverses crypto ban after seven years
Regulation replaces restriction as central bank charts new course for digital currencies
Seven years after implementing a national ban on cryptocurrencies, Morocco is now moving toward legalizing them.
In November 2017, Morocco implemented a national ban on Bitcoin and other cryptos. However, despite the restrictions, about 3.7% of the population still own these digital assets.
Now, the country is reportedly working to legalize crypto.
JUST IN: 🇲🇦 Morocco to legalise #Bitcoin and crypto following the ban in 2017. pic.twitter.com/Zv0Ii1JIO2
— Bitcoin Magazine (@BitcoinMagazine)
The Bank Al-Maghrib, Morocco's central bank, has been working on a draft law for regulating cryptocurrencies. Abdellatif Jouahri, the central bank’s governor, told Reuters that the financial institution had “prepared a draft law regulating crypto assets, which is currently in the adoption process.”
According to Business Insider Africa, this move serves as a crucial milestone in the country's efforts to address the opportunities and challenges in the crypto world.
In addition to exploring crypto regulation, the central bank is also considering central bank digital currencies (CBDCs). Jouahri explained that the bank is examining whether these could “contribute to achieving certain public policy objectives.” This exploration aligns with Morocco’s broader strategy to modernize its financial system while addressing the rise of digital assets.
CBDCs are digital versions of a country's currency. Unlike decentralized cryptocurrencies, CBDCs are regulated and controlled by the central bank.
With the growing adoption of cryptocurrencies, more countries are becoming less skeptical and are focusing on regulating—rather than banning—these digital assets.
For instance, Vietnam has released its blockchain strategy with the goal of becoming a regional leader by 2030. The UK is also expected to drop its initial crypto regulatory framework by early 2025.
As countries like Morocco shift their stance, others have already begun accumulating Bitcoin, reflecting growing acceptance. As of July 29, global governments held 2.2% of Bitcoin's total supply. It may just be a matter of time before others follow suit.
Legalizing crypto could provide safer access to digital assets and encourage innovation in Morocco’s financial sector, potentially paving the way for broader economic opportunities.
