The central bank's mooted regulatory framework for cryptocurrencies is expected to strike a balance between the need to foster innovation and the welfare of consumers. cryptoregulation imf
A Moroccan central bank committee is working to put in place an appropriate regulatory framework for cryptocurrencies, Bank Al-Maghrib governor Abdellatif Jouahri has reportedly said. The governor also revealed his institution has engaged both the International Monetary Fund and the World Bank over the benchmarks that will be used.in March 2022 that the Moroccan central bank was in talks with two global financial institutions as well as with the central banks of France, Sweden, and Switzerland.
In addition to addressing issues around the regulation of cryptocurrencies, Jouhari hinted that the framework being worked on will also see Morocco’s money laundering and anti-terrorism financing regulations being upgraded. While the central bank has in the past conceded that Moroccans will likely adopt cryptocurrencies, BAM, alongside the Ministry of Finance and the Moroccan Capital Market Authority, has repeatedly warned of the risks that are associated with the use of cryptocurrencies.
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