On November 26, Morocco moved closer to lifting its 2017 ban on cryptocurrencies, a decision that could influence broader market trends. “Morocco lifting ban on cryptocurrencies. China could be next!” said cryptocurrency influencer Lark Davis on X.
According to Bank Al Maghrib, Morocco’s central bank, a draft law to regulate crypto assets is currently in the adoption phase. The law aims to provide transparency and security to the growing digital finance sector. Governor Abdellatif Jouahri said, “Bank Al Maghrib has prepared a draft law regulating crypto assets, which is currently in the adoption process,” during an international conference in Rabat.
Morocco is also exploring the development of a central bank digital currency (CBDC) as a state-managed alternative to decentralized cryptocurrencies. Jouahri noted, “Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion.” These efforts position Morocco as a potential leader in responsible cryptocurrency regulation with broader implications for other countries, including China.
According to Investopedia, the global cryptocurrency market value reached $2.3 trillion in 2024, marking an 89% increase from the previous year.
The World Economic Forum reports that central bank digital currencies are being developed by multiple nations to improve financial inclusion, especially for unbanked and underbanked populations.
Despite a ban on cryptocurrencies since 2017, Morocco has seen some level of cryptocurrency adoption. According to Morocco World News, approximately 4.9% of the Moroccan population owned some form of cryptocurrency in 2022, placing the country among the top 20 globally for Bitcoin usage.
