Morocco nears crypto law after 2017 ban

Morocco is reconsidering its cryptocurrency ban and drafting regulations to accelerate adoption as blockchain technology gains global prominence.

Morocco’s central bank governor, Abdellatif Jouahri, announced that the country is preparing cryptocurrency legislation to establish regulatory oversight.

Morocco banned Bitcoin (BTC) and other cryptocurrencies in 2017 due to concerns about systemic risks. Despite this, around 5% of Moroccans were using digital assets by late 2023, effectively ignoring the ban.

According to Jouahri, the laws prepared by Bank Al Maghrib were already being prepared to be adopted. Despite regulatory progress, it is unknown when the country will officially legitimize digital currencies.

Speaking at a conference in Rabat, the governor also mentioned ongoing research into a central bank digital currency. Although no decision has been made, Jouahri noted that officials are evaluating whether CBDC “can contribute to the achievement of certain public policy goals.”

As digital assets grow rapidly, more countries have made a U-turn against crypto skepticism. Blockchain technology has optimized international settlement, with companies like Tether and Circle facilitating cross-border trade.

Jurisdictions have also sought to standardize local virtual currency ecosystems rather than imposing blanket bans. Hong Kong implemented its regulatory framework earlier in the year and has since been recognized as a global hotspot for innovation.

According to crypto.news, the United Kingdom plans to unveil digital asset regulations in 2025. US policymakers have also worked on crypto and stablecoin bills with the encouragement of President Donald Trump’s administration. Senator Cynthia Lummis’ Bitcoin reserve bill has garnered overwhelming support, and experts believe the proposal could win Congressional approval.