Monday January 10, Nadia Fettah, Minister of Economy and Finance was arrested following the latest data showing a significant use of crypto-currencies by Moroccans and this despite the ban in force.
The Minister did not fail to recall Morocco’s position vis-à-vis crypto-currencies since 2017, and that the country follows the recommendations of the Financial Action Group (FATF) of which it is a part and which does not encourage the use cryptocurrencies. During oral questions in the House of Representatives, the Minister also referred to the opportunities of the establishment of a legal framework to regulate the use of these virtual currencies. This will be done in the form of a joint reflection between the services of the Ministry of Economy and Finance and 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.
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The debate also focused on the risks associated with the use of virtual currencies resulting from the guarantee of anonymity of use, among other things, money laundering and the financing of criminal and terrorist operations. As a reminder, the minister’s arrest follows the publication of data putting Morocco in 24th position in the world in 2021 in terms of the use of crypto-assets, in particular Bitcoin.