As a seasoned analyst with over two decades of experience in global finance and technology, I’ve witnessed the evolution of digital assets from a distant observer to a front-row participant. The recent news of Morocco’s potential move to legalize cryptocurrencies, after its initial ban in 2017, is a fascinating development that underscores the resilience and adaptability of this burgeoning industry.
It’s said that Morocco intends to make all cryptocurrencies legal following its prohibition of digital assets back in 2017.
As per Reuters reports, the Moroccan central bank, Bank Al-Maghrib, is said to have drafted legislation aimed at regulating cryptocurrencies. This draft is under review at the moment.
Abdellatif Jouahri, the head of Morocco’s central bank, shared with Reuters that they have developed a legislative proposal for managing cryptocurrencies, which is now being considered for approval.
In November 2017, Morocco enacted a nationwide prohibition on Bitcoin and other digital currency transactions. However, this ban has shown mixed results, with a substantial portion of the population continuing to possess these virtual assets.
The report emerges at a point when Bitcoin is experiencing increased attention, approximately a week after its unsuccessful attempt to reach $100,000. On November 22nd, Bitcoin was just shy of $200 from surpassing the six-figure mark – a significant milestone in crypto history for the first time ever.
MiCA ignited global interest in crypto regulations
The central bank of Morocco is also considering the possibility of introducing a digital version of its currency, known as a Central Bank Digital Currency (CBDC). The head of the bank, Abdelbachir Jouahri, mentioned this in a recent statement.
“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.”
Central Bank Digital Currencies (CBDCs) operate on private or permissioned blockchain systems, which are typically managed by a central bank or financial authority, unlike open-source, decentralized platforms such as Bitcoin and Ethereum.
As an analyst, I find myself observing a surge in Morocco’s curiosity towards cryptocurrencies, coinciding with a global trend of strengthening digital asset regulations.
By November 26th, the U.K.’s primary financial regulatory body, the Financial Conduct Authority (FCA), unveiled a blueprint for governing cryptocurrencies, aiming for implementation by 2026. This move comes after it was disclosed that approximately 12% of adult residents in the United Kingdom now own crypto assets.
As an analyst, I can say that my observations reveal Europe‘s influence in shaping digital asset regulations worldwide.
The European Union is gearing up to launch the global inauguration of an all-encompassing regulatory system, known as the Markets in Crypto-Assets Regulation (MiCA). This regulatory framework is anticipated to become operational towards the close of 2024.
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2024-11-26 16:19