Moroccan financial authorities have relaxed their stance on virtual currencies, which are imposing themselves in light of the digital evolution that affects the financial systems of the countries of the world, and presents great challenges in order to absorb these changes and adapt them.
Morocco warned in 2017 of the dangers surrounding the use of virtual currencies as a means of performance. At that time, Bank Al-Maghrib, the Ministry of Economy and Finance and the Moroccan Capital Market Authority considered that this was an "unorganized activity," with the call to avoid dealing with it.
Moroccan Finance Minister Abdel Latif Jouahri said during a speech at an international conference on digital transformation on Wednesday in Rabat that Morocco "is called upon to provide sufficient opportunities for innovation and the development of financial technology."
"With regard to the legal aspects, we are called upon to provide sufficient opportunities for innovation and the development of financial technology, but at the same time we must maintain our financial systems and strengthen their resilience, as well as consumer protection and contracting, especially small enterprises."
"Providing opportunities for technological technological development and maintaining financial systems is a difficult balance that requires identifying and classifying risks and anticipating the potential impacts of new innovations and financial activities," he said at an international conference organized by Bank Al-Maghrib and the International Monetary Fund and attended by central bank governors from several countries.
The governor of the Bank of Morocco said central banks should "develop temporary solutions in the absence of a legal authority that would allow them to do so, as in the case of coded assets," adding that Morocco faced a challenge in 2017.
Al-Jawahiri stressed that Morocco dealt with this issue at the time as "a problematic approach from the point of view of consumer protection to draw attention to the risks associated with it," but stressed at the same time that "Morocco has not taken a final position on the subject."
Al-Baradei called on the digital transformation, which leaves no room for life, to adapt to this "digital revolution", and recommended in this regard the strengthening of human resources in this field, infrastructure, especially information systems that have been confronted with the challenges of cyber crime Daily busy.
Morocco's position on the digital currency in 2017 was based on alerting citizens to the dangers surrounding the use of virtual currencies, which include in particular the absence of customer protection, and the absence of legal protection to cover losses that may result from the disruption of exchange platforms.
The Moroccan financial authorities also based their position on the refusal of the Moroccan companies to perform through the digital currency to the absence of a legal framework for the protection of users of these currencies when they carry out transactions, especially in cases of theft or embezzlement.
The exchange of virtual currencies on the Internet only, and therefore do not exist in the form of pieces or notes. There are currently more than 5,000 of these currencies, and Pitcuen is the most prominent and constantly changing value
Morocco warned in 2017 of the dangers surrounding the use of virtual currencies as a means of performance. At that time, Bank Al-Maghrib, the Ministry of Economy and Finance and the Moroccan Capital Market Authority considered that this was an "unorganized activity," with the call to avoid dealing with it.
Moroccan Finance Minister Abdel Latif Jouahri said during a speech at an international conference on digital transformation on Wednesday in Rabat that Morocco "is called upon to provide sufficient opportunities for innovation and the development of financial technology."
"With regard to the legal aspects, we are called upon to provide sufficient opportunities for innovation and the development of financial technology, but at the same time we must maintain our financial systems and strengthen their resilience, as well as consumer protection and contracting, especially small enterprises."
"Providing opportunities for technological technological development and maintaining financial systems is a difficult balance that requires identifying and classifying risks and anticipating the potential impacts of new innovations and financial activities," he said at an international conference organized by Bank Al-Maghrib and the International Monetary Fund and attended by central bank governors from several countries.
The governor of the Bank of Morocco said central banks should "develop temporary solutions in the absence of a legal authority that would allow them to do so, as in the case of coded assets," adding that Morocco faced a challenge in 2017.
Al-Jawahiri stressed that Morocco dealt with this issue at the time as "a problematic approach from the point of view of consumer protection to draw attention to the risks associated with it," but stressed at the same time that "Morocco has not taken a final position on the subject."
Al-Baradei called on the digital transformation, which leaves no room for life, to adapt to this "digital revolution", and recommended in this regard the strengthening of human resources in this field, infrastructure, especially information systems that have been confronted with the challenges of cyber crime Daily busy.
Morocco's position on the digital currency in 2017 was based on alerting citizens to the dangers surrounding the use of virtual currencies, which include in particular the absence of customer protection, and the absence of legal protection to cover losses that may result from the disruption of exchange platforms.
The Moroccan financial authorities also based their position on the refusal of the Moroccan companies to perform through the digital currency to the absence of a legal framework for the protection of users of these currencies when they carry out transactions, especially in cases of theft or embezzlement.
The exchange of virtual currencies on the Internet only, and therefore do not exist in the form of pieces or notes. There are currently more than 5,000 of these currencies, and Pitcuen is the most prominent and constantly changing value
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