Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank

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Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank – The Moroccan central bank is engaged in discussions with multilateral lending institutions and other central banks in order to develop best practices in cryptocurrency regulation.

According to a report, Morocco’s central bank governor, Abdul Latif Al Jawhari, has stated that his institution is now discussing crypto regulatory best practices with the World Bank and the International Monetary Fund (IMF).

The Central Bank of Morocco (CBM) is in talks with central banks from Sweden, France, and Switzerland about the same issue, in addition to the two international financial organizations.

Also Read: Russia May Accept Bitcoin for Gas Exports – Lawmaker Says

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Al Jawhari’s comments about cryptocurrency, according to Unlock Media, came on the heels of rising calls for authorities to regulate the crypto business. Despite recognizing that Moroccans will undoubtedly accept cryptocurrencies in the future, the CBM governor insists that this will only happen after a regulatory framework is in place. 

Al Jawhari elaborated:

“We are now unable to accept cryptocurrencies due to a lack of national and international legal and legislative frameworks. Many governments, including the G20, emphasize the significance of having both a crypto regulatory framework and a regulatory framework for Central Bank Digital Currencies.”

Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank – According to Al Jawhari, the CBM has established a committee to “oversee the required rules for both cryptocurrencies and CBDCs” in order to prepare Morocco for the eventual adoption of cryptocurrencies.

Also Read: Crypto Pyramid Busted in Russia, Losses Exceed $10 Million

The council, led by Al Jawhari, was established in February 2021, according to the Unlock report. Its purpose was to look into the implications for Morocco if the country decided to adopt cryptocurrency.

Morocco recently became North Africa’s top peer-to-peer crypto trading location, despite the government’s anti-crypto position. Morocco also boasts the fifth-highest proportion of the population in Africa who owns cryptocurrencies.

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