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Moroccan foreign exchange regulator issues warning on cryptocurrency use
Morocco’s foreign exchange authority Office des Changes has warned that individuals or companies using digital currencies in their transactions could face penalties under the country’s existing foreign exchange regulations.
The agency further reiterated that the use of virtual currencies violates the country’s current laws.
In its press release as of late November 2017, the authority warned that the use of the cryptocurrencies involved substantial risks for the users because they are not regulated and are not supported by an organization.
The regulator also urged the general public to follow the provisions of the country’s foreign exchange regulations in their transaction.
Morocco central bank exploring digital currency but Bitcoin still banned Business
The central bank of Morocco has reportedly set up a committee to explore the merits and the risks of a digital dirham. The exploratory committee will also study Bitcoin and other digital currencies which are still banned by the Moroccan government.
Bank Al-Maghrib (BAM) seems to be gradually changing its stance on digital currencies, local outlet Morocco World News reports. It has charged the new committee with identifying and analyzing the advantages and drawbacks of a digital dirham for the Moroccan economy. BAM further confirmed the committee’s existence to Ledger Insights, clarifying that it was still at a very early stage.
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by
Ogwu Osaemezu Emmanuel
on
February 21, 2021 Regulation
The Central Bank of Morocco is now studying the concept of central bank digital currencies (CBDCs) and has set up a committee to extensively explore its pros and cons, according to reports on February 20, 2021.
Morocco Eyes CBDCs
At a time when consumers around the world are increasingly embracing digital payment methods rather than cash, apex banks across various jurisdictions have begun studying central bank digital currencies (CBDCs) in a bid to remain relevant in the rapidly evolving finance ecosystem.
In the latest development, Bank-Al-Maghrib (BAM), the central bank of Morocco, has put in place an exploratory committee to look into the benefits and disadvantages of CBDCs for the nation’s economy and make recommendations