Key Takeaways
- Morocco is finalizing a draft law to regulate Bitcoin use.
- Bitcoin has been banned in Morocco since 2017 but remains widely used underground.
- The central bank is also exploring a CBDC for financial inclusion goals.
Morocco is moving closer to legalizing Bitcoin use through a draft law currently in the adoption phase, announced Abdellatif Jouahri, governor of the country’s central bank, Bank Al Maghrib, on Tuesday.
This marks a significant shift from Morocco’s ban on Bitcoin and similar assets, which has been in effect since 2017.
Bitcoin use
Despite the ban, Bitcoin has remained in use underground as citizens circumvented restrictions.
Jouahri shared the development at an international conference in Rabat, emphasizing the bank’s commitment to establishing clear guidelines for Bitcoin and other digital assets.
CBDC
Bank Al Maghrib is also exploring the introduction of a central bank digital currency (CBDC).
Jouahri noted that this initiative aligns with global trends and aims to address policy goals such as financial inclusion.
Unlike decentralized Bitcoin, a CBDC is directly issued and regulated by the central bank, potentially providing the government with more control and oversight over its circulation.
