The Governor of the Central Bank of Morocco, Abdellatif Jouahri, has announced that the institution is working on a draft law aimed at regulating cryptocurrencies in the country. This indicates a significant shift from outright prohibition to establishing a legal framework for digital currencies. Governor was speaking at Symposium on Financial Stability in Rabat.

Morocco has one of the the highest crypto transaction value in North Africa region.

Governor Jouahri laid emphasis on raising awareness among the general public of the risks involved. Taking into account developments in international regulation, the Moroccan authorities have favored a regulatory approach aimed at ensuring adequate protection of users and investors while preserving opportunities for taking advantage of these innovations. Bank Al-Maghrib has prepared, with the participation of all parties stakeholders and with the support of the World Bank, a bill governing crypto Assets, which is currently in the adoption process.

Regarding central bank digital currencies, and like many countries around the world, Morocco is seeking to determine to what extent this new form of currency could contribute to the achievement of certain public policy objectives particularly in terms of financial inclusion.

Earlier country launched the MDBC program using Artificial Intelligence (AI) technology to improve the regulatory monitoring and drafting process, exploring Quantum Computing using Post Quantum Cryptography to secure data exchanges, and exploring the use of AI to improve the approval management process. (Source Annual Report 2023)

Concerns relating to cybersecurity are important financial sector regulators. Governor Jouahri emphasized for considering adoption of Cryptocurrency to be a long-term undertaking which must take into account the national socio-economic context, the evolution of the regional environment and
international as well as the impact on certain missions of the Central Bank including notably monetary policy and financial stability.