Bank Al-Maghrib (BAM), Morocco’s central bank, is working on a regulatory framework for the use of cryptocurrencies.
- BAM Governor, Abdellatif Jouahri stated that the regulatory framework is currently under development and will be introduced soon according to Mapnews.
- Jouahri also revealed that the bank engaged with the International Monetary Fund (IMF) and the World Bank to consult and assist in developing specific benchmarks for BAM.
- The bill will update the existing legislation to fight against money laundering and financial terrorism, although the IMF frequently warns of the dangers of legalizing cryptocurrencies like Bitcoin. It seems that the bill will promote innovation rather than avoid it while focusing on consumer protection.
- Interestingly, Jouahri stated earlier this year that the adoption of cryptocurrencies is only a matter of time as it “represents the future”, but despite the positive aspects of cryptocurrencies “they are also surrounded with difficulties and dangers especially when it comes to money laundering, and terrorism, given the difficulty in tracing crypto transactions.”
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