The legalization of cryptocurrencies in Morocco is an "immediate necessity" to attract foreign investment .
After years of bans and official warnings, the statements of Abdellatif Jouahri, Governor of Bank Al-Maghrib, about the upcoming legalization of cryptocurrencies in Morocco, gave a lot of optimism to thousands of Moroccans active in trading this type of currency for the purpose of financial gain. "The draft law on cryptocurrencies in Morocco is ready," Jouahry said at a press conference a few days ago, after a meeting of the bank's board of directors, stressing that he had led a national research on cryptocurrencies in Morocco and to what extent they are used in performance or speculation. Jouahri's announcement raised several questions about the bill, which he said will "provide a Moroccan definition of cryptocurrency, taking into account what has been done by the US Federal Reserve, the European Central Bank , the World Bank and the Economic Cooperation Organization". and Development.
In this context, Badr Balag, an expert in digital currencies, said that even if the content of this project has not been seen, to think of legalizing this activity, instead of prohibiting irrational declarations and warnings since 2017 and 2018 , is a positive thing. Blaj added, in a statement to Hespress, that "we cannot say now that the Bank of Morocco and the Foreign Exchange Office have reversed the decision to ban the circulation of these currencies, which was qualified at the time as 'illegal, but we can say that they took a different position. And to continue: "Without a doubt, Morocco, during its research on the question, discovered that the ban was not effective, but rather contributed to creating a kind of black market, which also results in the proliferation of international reports on the number of digital currency traders in Morocco, which is considered one of the pioneer countries in the use of this type. » currencies at the international level. For Blajj, this decision reflects Bank Al-Maghrib's belief that the legalization of digital currency trading in the Kingdom has become an "immediate necessity", noting that among the benefits of this project is "the definition of the legal nature of the encrypted currency to enable the texts of laws that the judiciary can use in cases brought before it related to the circulation of digital currencies. » digital currency.
It will also contribute, according to the same speaker, to "cause foreign companies to invest in the field in Morocco, which will bring a material benefit to the public treasury and will boost its balance in hard currencies, so that the Maghreb trader will be able to deal with these platforms inside Morocco, which will protect it from the risks of dealing with it. » Global platforms that are not associated in Morocco with any law that preserves its rights. And the digital currency expert said that this approach "we have been calling it since 2017, in order to open legalized doors while taking measures and setting conditions to protect users' money and the Moroccan economy, as is the case with mobile payment licensing". companies."