The Governor of Bank Al-Maghrib Abdellatif Jouahri announced on Tuesday in Rabat that a bill to regulate the use of cryptocurrencies.
Speaking at the press conference at the end of the second quarterly meeting of the Arab Maghreb Bank for 2022, Mr. Jouahri said that a committee is working to establish an appropriate regulatory framework to combine innovation, technology, and consumer protection.
In this regard, the Central Bank Wali stressed that several aspects will be taken into account when drafting this law, especially global experiences in this field, noting that the comparison is underway with the International Monetary Fund (IMF) and the International Monetary Fund (IMF). The World Bank is conducting the necessary consultations in this regard.
He pointed out that this regulatory framework will also enable the updating of legislation related to combating money laundering and terrorist financing.
He notes that some experts are calling for international regulation regarding the use of digital currencies.
It should be noted that Bank Al-Maghrib, the Ministry of Economy and Finance, and the Moroccan Capital Market Authority (AMMC) have drawn the public's attention to the risks associated with the use of virtual currencies, in particular the lack of consumer protection, and the volatility of currency rates.
The exchange rate of these virtual currencies against the legal tender currency, as well as the use of these currencies for illegal or criminal purposes, in particular money laundering and terrorist financing.