Cryptocurrencies are on their way to impose themselves on the entire world, but because
The central bank, then the traditional banks, will be the biggest affected by the spread of digital currencies, as they fight it fiercely under the ridiculous pretext of protecting the customer. This is how selfish and petrified minds do not give youth and change a chance. It is time to look forward and take a positive step that will reflect on the country's future and economy.

For more than 4 years, the world's largest cryptocurrency exchange, Binance, has embarked in recent days on a major communication campaign to attract Moroccan clients and customers, even 

A Hespress source revealed that with the recent skyrocketing of the prices of many digital currencies, “Binance” passed to the maximum speed immediately after the rise of the BNB currency of the aforementioned company’s platform from $ 6 to more than $ 333 in one year, despite the criminalization of the Moroccan authorities to deal in digital currencies.

After years of bans and official warnings, the statements of the Governor of Bank Al-Maghrib, about the upcoming legalization of cryptocurrencies in Morocco, gave a lot of optimism to thousands of Moroccans who are active in trading this type of currency for the purpose of achieving financial gain. For reference only, Changpeng Zhao, founder and CEO of the Binance cryptocurrency exchange, visited Morocco in 2021 and held a meeting with a group of Bank Al-Maghrib officials specializing in cryptocurrency .

The source stated that Zaw, known by the acronym “CZ”, the owner of the largest cryptocurrency trading platform in the world, met with the governor of Bank Al-Maghrib to discuss the issue of cryptocurrencies. 

The head of the Moroccan Bank said in a press conference a few days ago, following the meeting of the bank’s board, that “the draft law on cryptocurrencies in Morocco is ready,” stressing that he is conducting a national research on what Moroccans think about cryptocurrencies and the extent to which they are used in performance or speculation.

The announcement by the governor of Bank Al-Maghrib raised many speculations about the nature of this draft law, which he said “will provide a Moroccan definition of cryptocurrencies, taking into account what has been done by the US Federal Reserve, the European Central Bank, the World Bank, and the Organization for Economic Cooperation and Development.”

In this context, thinking about legalizing this activity has become an urgent need, instead of banning statements and illogical warnings since 2017 and 2018, which is considered a positive matter for many interested parties.

A statement published by Hespress added, “We cannot now say that the Bank of Morocco and the Exchange Bureau have retracted the decision to ban the circulation of these currencies, which was described at the time as illegal, but we can say that they took a different position.”

Without a doubt, Morocco, during its research into the matter, discovered that the ban was not effective, but rather contributed to creating something like a black market, which is also translated by the numbers of international reports about the increasing number of digital currency traders in Morocco, which is considered one of the pioneering countries in the use of this type.” currencies at the international level.

This decision came as a result of Bank Al-Maghrib’s conviction that legalizing digital currency trading in the Kingdom has become an “immediate necessity”, highlighting that among the benefits of this draft is “the definition of the legal nature of encrypted currency in order to provide legal texts that the judiciary can use in cases brought before it related to digital currency trading.” ".

It will also contribute, according to the same speaker, in “bringing foreign companies to invest in the field in Morocco, which will bring material benefit to the state treasury and revive its balance of hard currency, so that the Maghreb trader will be able to deal with these platforms inside Morocco, which will protect him from the risks in dealings with Global platforms that are not associated with Morocco with any law that preserves its rights.

Another expert in digital currencies stated that this approach was called for a lot, in order to open legalized doors with taking measures and setting conditions to protect the money of users and the Moroccan economy, as is the case with regard to licensing payment companies through mobile phones.

Thanks for taking time to read.