[ad_1]
The Kingdom of Morocco may see its first cryptocurrency bill introduced “in the coming days”. The document has already been prepared by the central bank and will be discussed with industry stakeholders.
At a press conference on 3 January, Morocco’s central bank, Bank Al Maghrib (BAM) Governor Abdellatif Juahiri announced a series of discussions between BAM and market participants. Regulators such as the Moroccan Capital Market Authority (AMMC), the Insurance Supervisory Authority and the Social Security Authority (ACAPS) will also participate. It precedes the implementation of cryptography.
Juahiri said BAM worked with the International Monetary Fund and the World Bank during the preparation of the document. According to previous reports, Moroccan officials also contacted the central banks of France, Sweden and Switzerland to investigate their regulatory experience with digital assets.
The draft aims to provide a definition of cryptography that is “adapted to the Moroccan context” and protect individuals without restricting innovation. Details of the bill have not been disclosed, but it is unlikely to be any more restrictive than the current law, which outright bans the trading of cryptocurrencies.
In 2022, Morocco will be the fastest growing cryptocurrency market in North Africa, growing from 2.4% of the population in 2021 to 3.1% a year later thanks to digital assets. In 2020, Soluna deployed its first blockchain-powered wind farm in Dakhla, the windiest district in southern Morocco. The surplus energy of this farm powers cryptocurrency mining operations.
Related: Cryptocurrencies Will Make History in 2022: 5 Cases Where Governments Adopt Digital Assets
According to a recent report by Chainalysis, the Middle East and North Africa (MENA) region has the fastest growing cryptocurrency market in the world. Trading volumes in the MENA region show that the user received $566 billion in cryptocurrencies in the period from July 2021 to June 2022. This is 48% more than the previous year.
[ad_2]
Source link
