The Governor of the Bank of Morocco (Central Bank of Morocco), Abdellatif Jouahri, announced yesterday, Tuesday, that his country will be among the first countries in the world to license cryptocurrencies.
Al-Jawahiri said:Lal press conference in the capital, Rabat: “The legal framework related to licensing of cryptocurrencies has been completed“Pointing out that the draft law regulating dealing in these currencies “Ready“.
He added: “We will be one of the first countries that will regulate dealing in cryptocurrencies, and provide a clear and precise framework for users and investors,” without specifying an official date for submitting the project to Parliament to begin the process of discussing and voting on it.
On November 20, 2017, Morocco announced that dealing in digital currencies is against the law, as the Moroccan Exchange Office (government) warned of the dangers of these currencies, saying in a statement at the time that “virtual money is not adopted by official authorities, and poses a danger to those who deal with it due to the lack of… Know the identity of their owners.
Al-Jawahiri explained that the new legal framework was prepared with technical assistance from the World Bank and the International Monetary Fund, noting that the proposed legislation is in line with the goals and recommendations of the G20, which called for addressing the lack of data related to crypto-assets.
He said: “We will give some flexibility to access cryptocurrencies, but we will clearly define the potential risks, and we will adopt strict measures to combat their use in money laundering operations or any illegal activities.”
Morocco fears the impact of virtual currencies on its economy, especially with regard to the exit of foreign exchange from the country through trade in digital currencies, which may negatively affect the supply of foreign exchange and lead to a decline in the value of the local currency.
Al-Jawahiri’s statements come a day after a record rise in the prices of the digital currency Bitcoin, as the major cryptocurrency globally recorded $106.5 thousand, driven by Donald Trump’s support for digital assets, with promises to create a more flexible regulatory environment in the United States.
Cryptocurrencies are not subject to the control of governments or central banks like traditional currencies, but are dealt with over the Internet without any physical presence, which raises concerns in many countries around the world about their economic impact.
