Morocco wants to regulate the use of cryptocurrencies

The announcement was made by the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, stating that a committee has been set up to define an adequate regulatory framework to combine innovation, technology and consumer protection.

To read: Morocco: the authorities warn against Bitcoin

Reflections should focus on the drafting of a bill, in particular global experiences in this area, he underlined, noting that benchmarking is underway with the International Monetary Fund (IMF) and the World Bank to the necessary consultations in this regard. The objective is also to update the legislation relating to the fight against money laundering and the financing of terrorism.

It should be recalled that Morocco has repeatedly warned of the risks associated with the use of virtual currencies, mainly the lack of consumer protection, providing it with the exchange rate of these virtual currencies against a legal tender currency, in addition the use of these currencies for illicit or criminal purposes, including money laundering and the financing of terrorism.

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