Moroccan Central Bank in conversation with IMF and World Bank on crypto regulation best practices

The governor of Central Bank of Morocco (CBM) Abdul Latif Al Jawhari revealed in a press conference held on March 23 that the Moroccan central bank is in talks with IMF, World Bank, and other Central Banks such as France, Sweden, and Switzerland on best practices for

crypto regulation

.The central bank governor of Morocco believes in that a regulatory framework should be in place for the imminent crypto adoption in Morocco. He stressed that cryptocurrencies can't be adopted currently due to lack of regulatory and legislative framework, both nationally and internationally.

Al Jawhari underscored following details about the ongoing talks with multilateral lending institutions and central banks about bringing a regulatory framework for cryptocurrencies and the reasons to enact such a legislation:
* There has been a heightened call by international organizations like the IMF to regulate the crypto market in one’s own countries.
* Besides, the G20 and many countries have raised the need and significance of a crypto regulatory framework along with the development of a regulatory framework for Central Bank Digital Currencies (CBDCs).
* In compliance with these global calls and to prepare Morocco for the future adoption of cryptocurrencies, the CBM has created a council in February 2021.
- The council headed by Al Jawhari will supervise the necessary regulations for both digital currencies and CBDCs.
- It will also study the implications of the adoption of cryptocurrencies for Morocco.
- Al Jawhari also said that the Central Bank of Morocco does not oppose cryptocurrencies but the adoption should go through legislative and regulatory phases for which the council has been created.
* The governor also highlighted the risks and concerns around cryptocurrencies like money laundering and terrorism, that take the advantage of difficulty in tracing crypto transactions.

Morocco was the leading North African country in 2021 for peer-to-peer crypto trade volume of $6 million and 2.4 % of the country’s population owned cryptocurrencies.

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