Moroccan Minister of Finance, Nadia Fettah Alaoui, was questioned on the government’s plans and approach to the emerging domestic popularity of cryptocurrency, in light of a recent report that uncovered a significant use of cryptocurrencies by Moroccans, despite a ban in force.
The Minister reminded that in enforcing a ban on cryptocurrencies and crypto trading in Morocco, the government was following the recommendations of the Financial Action Task Force (FATF).
During oral questions in the House of Representatives, the minister also mentioned the opportunities for the establishment of a legal framework to regulate the use of virtual currencies.
According to the minister, the new legislation will be done in the form of a joint reflection between the services of the Ministry of Economy and Finance and Morocco’s central bank, Bank Al-Maghrib, in collaboration with international partners.
Regarding the answers sought by the public as to the reasons behind the ban on the use of these currencies, the Minister said that the parties concerned are still studying the issue.
The debate also focused on the risks associated with the use of virtual currencies, which highly depend on anonymity, and usually face money laundering and financing of criminal and terrorist operations.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.