a bill is coming

A bill aimed at regulating the use of cryptocurrencies will see the light of day, announced this Tuesday in Rabat, the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri.

Speaking during the press briefing at the end of BAM’s second quarterly meeting of 2022, Jouahri said that a committee is working to put in place an adequate regulatory framework to combine innovation, technology and consumer protection. .

In this respect, the Wali of the central bank has limited that several aspects will be taken into consideration for the drafting of this bill, in particular the world experiences in the matter, noting that benchmarking is in progress with the monetary fund (IMF) and the World Bank to carry out the necessary consultations in this regard.

He also noted that this regulatory framework will also make it possible to update the legislation relating to the fight against money laundering and the financing of terrorism.

And to note that some experts are advocating for international regulation in relation to the use of digital currencies.

It should be recalled that BAM, the Ministry of Economy and Finance, and the Moroccan Capital Market Authority (AMMC) have provided public attention to the risks associated with the use of virtual currencies, mainly the absence of consumer protection, the constitution of the exchange rate of these virtual currencies against a currency having legal tender, in addition to the use of these currencies for illicit or criminal purposes, in particular money laundering and the financing of terrorism.

Leave a Comment