Cryptocurrencies continue to scare people around the world.

The controversy over cryptocurrency trading has returned to the fore in Morocco, and with it the debate over legalizing and imposing restrictions on it.

The controversy came after the Minister of Economy and Finance said that the government is studying the feasibility of legalizing dealing in bitcoin and cryptocurrencies.

The Ministry of Economy and Finance also confirmed that it is working with Bank Al-Maghrib, and with international partners, to study the feasibility of legalizing work in cryptocurrencies, emphasizing the warning against the use of these cryptocurrencies, given the risks surrounding them and related to money laundering and terrorist financing.

Under the dome of the Moroccan Parliament, the question was asked, “Is it reasonable for Morocco to remain immune from the international digital developments that many European, Asian and American countries know in the field of trading in digital currencies? Does the Ministry of Economy and Finance have a vision in this field to take the necessary precautions?” It cannot be withheld. The sun is in the sieve, as Morocco ranks second in the Arab world, and 24th in the world in terms of the use of cryptocurrencies. Since the issuance of the ban statement in 2017, an exponential increase has been recorded in Morocco in this field, with 900,000 users of cryptocurrencies.

According to experts, the Corona pandemic contributed to the increasing interest of individuals, companies, and countries (China, Russia, Venezuela...) in this type of money due to its multiple advantages such as speed of use, and a remarkable increase in its value. Some experts also went far in their expectations, stressing that currencies Digital may replace gold as a store of value.
Despite this, Morocco is still wary of using these virtual currencies, because they are not monitored by any official credit institution. And the Moroccan Exchange Office of the Ministry of Economy and Finance previously issued in February of 2021 a periodical prohibiting dealing in digital currencies due to their danger and because this constitutes a violation of the law in force and exposes the perpetrators to penalties and fines.

Regarding the future of cryptocurrencies in Morocco, there is a belief that the matter will not continue without the Central Bank and the Professional Association of Moroccan Banks keeping pace with this development in the field of virtual currencies, and thus thinking about creating a digital currency “e-dirham”, for example, by creating Committees to study various aspects related to these currencies, similar to other countries such as Venezuela, which created its own currency - the Petro.

A new study revealed that the number of people who own cryptocurrencies in Morocco reached 1.15 million in 2022, which made it possible to achieve a gross domestic product of $8,612 per person.
That is why the Central Bank of Morocco decided to issue a law to regulate and legalize the field of cryptocurrencies, after its use had been prohibited for years and in violation of local legislation, despite the high number of dealers in it.

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