Morocco Ready to Unhide Bitcoin? The law that will change everything

Bitcoin finally in good hands – We already knew the blockchain trilemma. Now here is the Central Bank Dilemma : How? ‘Or what protect consumerswithout missing the train cryptocurrencies. As the last instance, that has to decide Bank Al Maghrib (BAM), the central bank of the Morocco. After years of rather ineffective prohibition, the kingdom of Mohammed VI is about to turn its back on Bitcoin & Co. A law is imminent and should provide clarity. Direction Rabat to inventory…

A carefully thought-out calculation after a long consultation

“The bill is ready”. Here are the words of the Governor of the Central Bank of Morocco: abdelative jouahiri. The latter assured the press that the text of the law would propose a adapted regulatory framework to the economic reality of his country. It is essentially about protecting consumers without restricting this innovative sector. And that’s why the institution took the time to develop this project.

To ensure a clear delineation, the BAM teams have not skimped on resources. Abdellatif Jouahiri therefore announced that he had to do it to encounter several national bodiesbut also International. In Morocco there will have been discussions with the local regulators, the Moroccan Capital Markets Authority and the Insurance and Social Security Inspectorate. And on an international level, Rabat has worked with them IMF and the World Bank.

The Kingdom of Morocco is preparing to review its cryptocurrency policy

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A strict ban with rather counterintuitive effects

The trade press even reported that there had been interviews several central banks at Paris, Stockholm or Zurich. We expect an official communication in the coming weeks to learn a bit more about this bill. But in the current circumstances, it has indeed become urgent to change what was far too strict a framework. In fact, it was trading and holding cryptocurrencies so far completely forbidden.

As might be expected, Moroccans didn’t really respect this ban. In fact, the Morocco has become the crypto market most significant growth the entire sub-region. Past 2.4 to 3.1% of the population in a year, the Kingdom has shown interest in its new financial technologies. Next to theNorth Africa as a whole and the middle East have growth the fastest of the world in this area, with 48% increase between 2021 and 2022.

the Central Bank of Morocco must finally regulate practices that are becoming more democratic outside of its control. Like many regulators, she is making up for lost time. She’s trying to regain control of the way things are going. Because its people have started to embrace the future of money with a appetite already seen in the rest of the continent. Inflation, low banks and a large diaspora are therefore among the main reasons pushing Africa in the arms of bitcoin.

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