Morocco’s central bank chief says they are working on a law that will allow cryptocurrencies

The head of Morocco’s central bank, Abdellatif Jouahri, said on Tuesday that the country is in the process of adopting a draft law on cryptocurrencies.

Cryptocurrencies have been illegal in Morocco since 2017, but people still use them in secret to get around the rules.

Bank Al Maghrib, the country’s central bank, “has prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri told a gathering of world leaders in Rabat.

A central bank digital currency (CBDC) was also being looked into by Bank Al Maghrib, he said.

“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,” he added.

In contrast to most coins, which are decentralized, a CBDC is run by the central bank.