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    Bill on Cryptocurrency Soon in Morocco (Central Bank Governor)

    22 Jun 2022

    Rabat - A bill to regulate the use of cryptocurrencies will soon be introduced, announced Tuesday in Rabat, the governor of Bank Al-Maghrib (Central Bank -BAM), Abdellatif Jouahri.

    Speaking at a press briefing at the end of BAM second quarterly meeting of 2022, Jouahri said that a committee is working to put in place an appropriate regulatory framework to combine innovation, technology and consumer protection.

    In this regard, the governor of the central bank stressed that several components will be taken into account for the development of this bill, including global experiences in this area, noting that a benchmarking is underway with the International Monetary Fund (IMF) and the World Bank to make the necessary consultations in this direction.

    He also noted that this regulatory framework will also update the legislation on the fight against money laundering and terrorist financing.

    He noted that some experts advocate for an international regulation in relation to the use of digital currencies.

    BAM, the Ministry of Economy and Finance, and the Moroccan Capital Market Authority (AMMC) have drawn the attention of the public to the risks associated with the use of virtual currencies, including mainly the lack of consumer protection, the volatility of the exchange rate of these virtual currencies against a legal tender, in addition to the use of these currencies for illicit or criminal purposes, including money laundering and terrorist financing.

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