Categories
Business News

Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank

Al Jawhari’s comments about cryptocurrency come in the aftermath of rising calls for authorities to regulate the crypto business. Despite recognizing that Moroccans will undoubtedly accept cryptocurrencies in the future, the CBM governor insists that this will only happen after a regulatory framework is in place

Morocco’s Central Bank Governor, Abdul Latif Al Jawhari, has stated that his institution is now discussing crypto regulatory best practices with the International Monetary Fund (IMF) and the World Bank.

The Central Bank of Morocco (CBM) is in talks with central banks from France, Sweden, and Switzerland about the same issue, in addition to the two international financial organizations.

Al Jawhari’s comments about cryptocurrency come in the aftermath of rising calls for authorities to regulate the crypto business. Despite recognizing that Moroccans will undoubtedly accept cryptocurrencies in the future, the CBM governor insists that this will only happen after a regulatory framework is in place. Al Jawhari elaborated:

“Currently, we cannot adopt cryptocurrencies given the lack of regulatory and legislative frameworks both nationally and internationally. The G20 and many countries stress the importance of having a crypto regulatory framework as well as a regulatory framework for Central Bank Digital Currencies [CBDC].”

In order to prepare Morocco for the inevitable adoption of cryptocurrencies, Al Jawhari is quoted stating that the CBM has since created a council that will “oversee the required regulations for both cryptocurrencies and CBDCs.”

The council was established in February 2021 and is led by Al Jawhari. Its purpose was to look into the ramifications for Morocco if the country decided to adopt cryptocurrency.

Morocco just became North Africa’s top peer-to-peer crypto trading location, despite the government’s anti-crypto position. Morocco also boasts the fifth-highest proportion of the population in Africa who owns cryptocurrencies, according to Bitcoin.com News.