Morocco is joining the list of countries aiming to formally control the crypto sector by reportedly working on a final regulatory framework to guide the market.
The country’s central bank, Bank Al-Maghrib (BAM), is designing a crypto regulation outlook in consultation with a global financial institution, Bitcoin News reported on June 27.
According to BAM’s governor Abdellatif Jouahri the institution has engaged with the International Monetary Fund (IMF) and the World Bank on specific benchmarks.
Notably, the IMF has been central in calling on countries to regulate the crypto sector while issuing warnings on the dangers of legalizing assets like Bitcoin. For instance, the institution has urged El Salvador to drop Bitcoin as legal tender stating that the move threatens the country’s economy.
Protecting consumer interests
Baltrusaitis, J. (2022, June 28). Central Bank of Morocco to introduce Bitcoin and crypto regulation bill. Finbold. Retrieved July 14, 2022, from https://finbold.com/central-bank-of-morocco-to-introduce-bitcoin-and-crypto-regulation-bill/