Bank of Morocco to Regulate Digital Currencies, Including Bitcoin
Abdel Latif Jouahri, the Governor of Bank of Morocco, has announced that the central bank has prepared a draft law aimed at regulating digital currencies in Morocco, including Bitcoin. This initiative reflects the kingdom’s commitment to keep pace with rapid global technological advancements.
Jouahri confirmed that the draft law has been submitted to the Ministry of Economy and Finance for review and feedback, with the objective of improving the legislative text and expediting its approval amid ongoing geopolitical and economic challenges in global markets.
According to Jouahri, reported by “Al Sahara Maroc,” Morocco’s move to regulate digital currencies aligns with efforts to adapt to global developments in digital assets. He noted that the Ministry of Economy and Finance has established a specialized committee to assess the potential risks these currencies may pose to the national financial system.
Additionally, Jouahri emphasized that Bank of Morocco is concurrently drafting regulatory and practical texts to support the legal framework for digital currencies, ensuring a comprehensive and robust legal structure.
He highlighted that the greatest challenge in regulating digital currencies extends beyond technological and infrastructural aspects to include qualified personnel. Jouahri mentioned that the bank is facing a talent drain, losing approximately 20 specialized engineers annually to international institutions, exacerbating the challenge of securing the necessary human resources for such ambitious projects.
He reiterated the importance of strengthening efforts to train and qualify national talent in financial technology and digital currencies. Given the profound technological transformations globally and the increasing interest in digital assets, Jouahri stressed the urgency of accelerating work on this project.
He indicated that the regulation of digital currencies would not only enhance financial stability but also open new avenues for innovation and investment in Morocco, particularly amid the economic and geopolitical volatility affecting global markets. He reaffirmed Bank of Morocco’s commitment to balancing technological innovation while ensuring the financial system’s protection from potential risks associated with digital currencies.
In response to journalists’ questions regarding Bitcoin, Jouahri clarified that the legislative project encompasses all types of cryptocurrencies, focusing on establishing a legal framework that ensures transparency and security in transactions. He noted that Bank of Morocco closely monitors international experiences in this area to leverage best practices while considering national specifics. The primary goal remains to build a flexible digital financial system capable of addressing future challenges.
