Rabat — Morocco is drafting a bill to regulate crypto assets in line with the recommendations made during the last G20 Summit, Governor of the Kingdom's central bank "Bank Al-Maghrib" (BAM), Abdellatif Jouahri, said Tuesday in Rabat.

"The main objective of this legislation is to align Moroccan regulations with international standards concerning crypto assets according to a rigorous approach, in order to protect investors and guarantee the stability of the financial system," Jouahri underlined at a press briefing following the fourth and final quarterly meeting of the BAM Board for 2023.

Jouahri noted that BAM is actively progressing in its projects relating to the National Currency of the Central Bank (MNBC), adding that a working group, in close collaboration with technical experts and the International Monetary Fund (IMF), is dedicated to this project.

A recent report on MNBC, currently being analyzed by BAM, focuses on the potential use of this currency to promote financial inclusion which is crucial for developing countries, Jouahri said, pointing out that MNBC could play an important role in improving traceability and reducing transaction costs and times.