By George Ward
A press conference regarding the implementation of cryptocurrency legislation was held on January 3, at which the Governor of the Moroccan Central Bank, Abdullatif Jouahiri Al-Maghrib (BAM), was present. During the meeting, the nation’s crypto market players and the BAM extensively discussed its crypto market’s progress. Their discussions revealed the need for other regulators to facilitate the enactment of the crypto bill proposal before its implementation as law.
Jouahiri explains that the BAM collaborated with the International Monetary Fund (IMF) and the World Bank while drafting its crypto document. In an earlier report, Moroccan officials allegedly contacted the central banks of France, Sweden, and Switzerland to study their experiences regarding regulating digital assets.
However, the draft passed by the Central Bank of Morrocco would provide the regulation of crypto assets as it pertains to the “Moroccan context” and aims to protect potential investors while not limiting technological innovation. The bill’s details have yet to be revealed, but it cannot be more restrictive than the current legislation, which prohibits all crypto transactions.
The Cryptocurrency Growth In Morrocco
Various data shows that Morocco will be one the fastest growing crypto market in Northern Africa in 2022, with a rise from 2.4% of residents owning digital assets in 2021 to 3.1% the following year. As part of Solana’s 2020 deployment, the network installed the first blockchain-powered wind farm in Dakhla, Morocco’s southern and windy district.
The excess energy from this farm powers crypto-mining operations. According to a recent report by on-chain analytics platform Chainalysis, the cryptocurrency market in the Middle East and North Africa (MENA) region has accelerated growth.
According to various on-chain metrics, users in these regions traded $566 billion in crypto from July 2021 to June 2022. In comparison with last year, this represents an increase of 48%.
It is not only Morrocco that is struggling with enacting the proper crypto regulation, other nations, notably India, are having similar struggles. Hence, there have been requests from several crypto advocates for uniform crypto regulation globally.