Central Bank of Morocco works on cryptocurrency framework law

The Central Bank of Morocco is preparing a draft framework law to regulate cryptocurrencies that will improve money laundering

Abdellatif Jouahri, governor of the central bank of Morocco, stated that a committee is working to establish an appropriate framework law to regulate cryptocurrencies that allows combining innovation, technology and consumer protection.

The regulatory framework will also result in the improvement of Moroccan regulations in the areas of “money laundering and financing of terrorism“.

The governor stressed that they plan to present the project in the coming days and if it is approved, the country could be the next to have a crypto law.

Jouahri hopes that the proposed regulatory framework “strikes a balance between the need to encourage innovation and the welfare of consumers.”

It is important to remember that in the past the Central Bank, together with the Ministry of Finance and the Moroccan Capital Market Authority, have expressed on multiple occasions about the dangers associated with the use of digital currencies.

Commitment to international financial entities

The governor of the Central Bank indicated that the institution has committed to international financial entities such as the International Monetary Fund (IMF) and the World Bank on the reference points that will be used for the regulation of cryptocurrencies.

Last March, the Moroccan central bank held talks with two global financial institutions and with the central banks of France, Sweden and Switzerland, with whom they analyzed the main and best practices of crypto regulation.

M. Rodríguez

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Source: diariobitcoin.com

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