30s Summary

Morocco’s central bank, Bank Al-Maghrib, is reviewing a draft law for regulating cryptocurrencies, despite a previous ban in 2017. Bank governor Abdellatif Jouahri confirmed that the law is being drafted amid increasing interest in Bitcoin and underlying blockchain technology. In addition, the country is contemplating the introduction of a Central Bank Digital Currency (CBDC). This new openness towards digital assets puts Morocco in step with other countries like the UK, which is planning regulation by 2026, and the European Union, preparing to launch a regulatory framework by end of 2024.

Full Article

After banning digital currencies in 2017, it looks like Morocco is ready to change its tune. Word on the street is that Morocco’s planning to invite all cryptocurrencies back into the country. According to news from Reuters, Morocco’s central bank, Bank Al-Maghrib, has whipped up a draft law for cryptocurrency regulation, and it’s currently undergoing review. The central bank’s boss, Abdellatif Jouahri, let Reuters know that the law is in the works. Despite banning Bitcoin and other cryptocurrencies back in 2017, loads of folks in Morocco are still rocking digital assets. This is all happening as interest in Bitcoin is picking up again, especially after it nearly hit $100,000 recently. Speakers up across the globe seem to be talking about digital asset regulations too. Morocco is also considering the idea of a central bank digital currency (CBDC). Instead of being decentralized like Bitcoin or Ethereum, CBDCs usually work using permissioned blockchain networks controlled by big financial institutions. In a time where over 12% of UK adults now own crypto, the United Kingdom is planning to regulate cryptocurrencies by 2026. Across the world, countries are taking cues from each other on how to regulate digital assets. Right now, the European Union is getting ready to roll out the world’s first comprehensive regulatory framework for digital assets by the end of 2024.