Morocco preparing law to allow cryptocurrencies, central bank chief says

Source: Reuters.

Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions.

The central bank, known as Bank Al Maghrib, "has prepared a draft law regulating crypto assets, which is currently in the adoption process," Jouahri told an international conference in Rabat.

Bank Al Maghrib was also exploring a central bank digital currency (CBDC), he 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," he said.

A CBDC is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised.