A cryptocurrency law project has been completed and is now ready to be shown to those interested. Its purpose is to safeguard citizens from the risks associated with trading digital assets. This was revealed by Abdellatif Jouahiri, Governor of Bank Al-Maghrib (BAM). The adoption of cryptocurrencies by Moroccan people is now unavoidable, and a legal framework is needed.
The Governor will have talks with insurance and capital market regulators
According to Abdellatif Jouahiri, the Governor at Bank Al-Maghrib (BAM), the country’s cryptocurrency bill is now finished and will be discussed with interested parties. His remarks were mentioned at a press meeting. Jouahiri emphasized that the bill looks to secure people from the risks of investing in cryptos.
According to a report by Morocco World News?, the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS) are some of the entities that the central bank plans to engage with in order to implement the law.
Commenting on BAM’s journey to create the document as well as discussions with other regulators, Jouhari said:
I can ensure that the project for cryptocurrencies is ready. We can interact with the World Bank, it is up to you and your consultant to make it possible. There are many chapters. We are currently in talks with all the stakeholders. It is not straightforward, but it is necessary to make sure that everyone complies with the project.
As previously reported by Bitcoin.com News, BAM in early 2022 sought input from both the International Monetary Fund (IMF) and the World Bank on what they consider as the best cryptocurrency regulatory practices. In addition, a council was created by the central bank to oversee regulations for cryptocurrencies and central bank digital currencies.
By the looks of it, BAM appeared to be preparing for a scenario in which more could be achieved by these steps. Cryptocurrencies are now accepted by Moroccans. According to the same report, it was actually the central bank that believed that local people would adopt cryptocurrency, so a regulatory framework was necessary.
Sign up for your African News in your inbox every week
What are your thoughts? Please let us know in the comment section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial Photo CreditJackKPhoto / Shutterstock.com
Disclaimer: This article is exclusively for informational purposes. It does not constitute a request or offer to buy, sell, or a suggestion, endorsement, or sponsorship of any product or service. Bitcoin.com is not a provider of investment, tax, legal, or accounting advice. Neither the author nor the company are responsible for any loss or damage caused or alleged to be caused by the use or reliance of any content, goods, or
