Morocco’s central bank is currently holding talks with multilateral lending institutions and other central banks, focused on establishing best practices for crypto regulation.

Inevitable adoption of cryptocurrencies

The governor of Morocco’s central bank, Abdul Latif Al Jawhari, has said that his institution is currently in talks with the International Monetary Fund (IMF) and the World Bank on best practices for crypto regulation, according to a report.

In addition to the two international financial institutions, the Central Bank of Morocco (CBM) is also in talks on the same issue with the central banks of France, Sweden and Switzerland.

according to a report Per Unlock Media, Al Jawhari’s comments on cryptocurrencies come on the heels of a surge in calls for authorities to regulate the cryptocurrency industry. Despite acknowledging the seemingly inevitable future adoption of cryptocurrencies by Moroccans, the CBM governor claims that this should only happen when a regulatory framework is in place. Al Jawhari explained:

Currently, we cannot adopt cryptocurrencies given the lack of regulatory and legislative frameworks both nationally and internationally. The G20 and many countries emphasize the importance of having a crypto regulatory framework as well as a regulatory framework for central bank digital currencies. [CBDC].

Moroccan regulatory framework for cryptocurrencies and CBDC

In order to prepare Morocco for the inevitable adoption of cryptocurrencies, Al Jawhari is quoted as saying that the CBM has since created a council that will “oversee the required regulations for both cryptocurrencies and CBDCs.”

According to the Unlock report, the council, headed by Al Jawhari, was created in February 2021. Its aim has been to study the implications for Morocco if the decision to adopt cryptocurrencies is made.

Despite the government’s anti-crypto stance, Morocco recently became North Africa’s leading peer-to-peer crypto trading region. also as reported Per Bitcoin.com News, Morocco has the fifth highest proportion of the population that owns cryptocurrencies in Africa.

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