Morocco preparing to lift seven-year ban on cryptocurrencies

Morocco, which has banned cryptocurrencies since 2017, is preparing a law to allow their use, Central Bank Governor Abdellatif Jouahri said.

“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,” Jouahri said Tuesday at the Regional High-Level Symposium on Financial Stability in Rabat.

Bank Al Maghrib, as the Central Bank is known, is also exploring the possibility of issuing its own digital currency, he said.

Moroccan law forbids cryptocurrencies, but their broad use is well-known as citizens find ways to bypass the restrictions.