Moroccan central bank to introduce cryptocurrency bill soon

The Bank of Morocco promises to present its own digital currency regulation bill within the next few days.

In this African country, the number of citizens who use bitcoin and other virtual coins is growing, so the authorities are interested in controlling the blockchain industry.

At the end of last week, the head of the Central Bank, Abdellatif Juahiri, said that the regulator was discussing options for legalizing cryptocurrencies with market participants. Together with the Central Bank, the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervision and Social Security Authority (ACAPS) will oversee the industry.

According to Jouahiri, the Bank of Morocco is also collaborating with the International Monetary Fund and the World Bank, which are advocating the development of a global regulation standard for the blockchain industry.

In parallel, officials are studying the experience of the central banks of France, Sweden and Switzerland, which have already launched a mechanism for licensing crypto business and controlling the movement of funds in digital assets.

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