Morocco Central Banks

Google Search words: ​Moroccan central bank to introduce #Bitcoin and crypto regulation bill.

https://www.moroccoworldnews.com/2022/03/347917/moroccos-central-bank-imf-consider-joint-crypto-regulation

• IMF

• World Bank

• European Central Banks
• ​establishing a regulatory framework governing cryptocurrencies.

• disclosed the details

• four years after the country banned cryptocurrencies.
  

• central bank-run cryptocurrency

• BAM is having another look at the technology​

• officially banned for use in Morocco in 2017
  

• continues to be popular in Morocco

• Morocco’s central bank can no longer ignore the growing prominence of cryptocurrencies used worldwide.

• new committee will investigate whether the institution could issue its own cryptocurrency. 
  

• CBDC
• several central banks
  

• ​China’s central bank already moving ahead with a “digital yuan"

Singled out of the article . . . . . . . . . . . . .

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• Chinese government had been working on a digital version of its currency since 2014

• China started field-testing its digital currency in four large cities.

• trial run in Chengdu, Shenzhen, Suzhou, and Xiong’An 

• Forbes published an op-ed titled “China could force Donald Trump and the Fed to destroy the US banking system.”

• Chinese are already very familiar with cashless payments.

• easier to replace the paper notes with digital currency

• digital currency
• future crisis,
• money could be distributed instantly to citizens.

• “Central banking for all,”​

• digital Yuan replacin​g the Dollar as the favored international currency, 

• digital Yuan means that citizens, businesses, and the government can make payments
  
• without banks taking their cut.

• without banks taking their cut.​​

• ​global status quo means 

• citizens get their money from their employer

• deposit this in a bank account,
• the bank then uses that money as collateral in order to borrow much more money from central banks,

• to borrow much more money from central banks,​

• banks use to make trades and invest just like any market trader would. 

• ​banks hold depositors’ money, and use it to borrow more money to loan out or “play with” in the market.

• banks produce no actual products but profit from their position in between central banks and citizens and businesses. ​

• That entire industry could be upended by China’s digital Yuan with citizens receiving and transferring money directly through their central bank with no fees or profits made.​

• governing cryptocurrencies nationally and internationally, we cannot as yet adopt cryptocurrencies.”​

• G20, an economy-focused intergovernmental forum, has joined international calls for establishing a legislative framework for crypto and for Central Bank Digital Currencies (CBDC)

• adopting cryptocurrencies is a matter of “when” not “if,"

• Central Bank admits that adoption of cryptocurrencies is only a matter of time

• The Central Bank of Morocco is currently in discussions with IMF (International Monetary Fund), the World Bank, and other Central Banks such as France, Sweden, and Switzerland on crypto regulation best practices.

• “Currently we cannot adopt cryptocurrencies given the lack of regulatory and legislative frameworks both nationally and internationally. 

• The G20 and many countries stress the importance of having a crypto regulatory framework 

• that the adoption of cryptocurrencies or digital currencies is a matter of time as it “ represents the future” 

• given the difficulty in tracing crypto transactions.”​

• Cryptocurrencies “represent the future,” the banker admitted

• implications of crypto adoption within Morocco’s economic landscape. 

•  digital banking services and crypto-asset trading platforms.

• Rabat – Morocco’s central bank, Bank Al-Maghrib (BAM) and the National Telecommunications Regulatory Agency (ANRT) ​

• signed on February 9 a partnership agreement to boost cooperation between the two institutions.​

• establish a collaborative framework for the exchange of data and experiences in areas of common interest.​

• partnership agreement will allow the two institutions to benefit from technological developments​

• in the fields of information technology and digital infrastructure.​

• digital banking service​

• innovative means of payment 

• aspects inherent to these two sectors.”​

• covers aspects related to crypto-asset trading platforms, the statement concluded.

• BAM announced that it is preparing to hold a joint conference with the International Monetary Fund (IMF) and the IMF Economic Review in Rabat between June 23 and 24, 2022.​

• Seizing Opportunities from the Crisis,

• Focusing on building back better

Build Back Better... Where have we heard this?

• Rabat - Morocco’s central bank, Bank Al Maghrib (BAM), is to hold a joint conference with the International Monetary Fund (IMF) and the IMF Economic Review.​

• Scheduled for June 23-24 in Rabat​

• focus on medium to long-term post-COVID challenges facing emerging markets,

BAM press release. 

• “Transformational Recovery: Seizing Opportunities from the Crisis,​

• inviting researchers to contribute with theoretical and empirical studies focusing on issues facing emerging and developing countries. ​

• Selected papers will be published in a special issue of the IMF Economic Review,​

• COVID-triggered disruptions to efforts to address climate change, infrastructure, political uncertainty all figure on the conference agenda. 

• the county holds the highest record among Arab countries in crypto ownership,

• ​Bitcoin has been experiencing an all-time trading high

According to LocalBitcoin,
a peer-to-peer Bitcoin trading platform

• Bitcoin was traded through the platform in Morocco​

• Morocco’s Foreign Exchange Office and central bank​

• ​Foreign Exchange Office 

• authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib,” will be subject to penalties and fi​​nes.

• peer-to-peer trading on platforms like LocalBitcoins​

Speaking to CoinBase

• ​​Insaf Nori, a Middle East community manager at Decred,

financial freedom
because they don’t use banks

• Morocco is among the four African countries where Bitcoin is traded the most, 

• outperformed only by Nigeria, South Africa, and Kenya.

•  Morocco 36th in the world by Bitcoin trading activity and the top trader in North Africa.​

• Morocco’s central bank is considering digital currencies

• Bank-Al-Maghrib established an exploratory committee to investigate the merits of a central bank-run cryptocurrency.​

• bitcoin’s positive trend and growing demand is untouched in Morocco. 

• ​be very optimistic about the growth potential,” Blomberg told CoinDesk.

​https://diutocoinnews.com.ng/morocco-central-bank-crypto-regulation-bill/9119/

TAKE NOTE OF THE WORD AS IT IS WRITTEN.............
​Are ones talking back and fourth to one another?

THINK... Can the blockchain be tampered with?  Would one have to have TOTAL CONTROL of the blockchain to HIDE ones dealing and/or transactions on the blockchain?  Could NFTs be used in deceptive dealings?

• International Monetary Fund (IMF) and World Bank
  

• central bankers, academics, and private sector executives joining the discussion on global growth issues.

• observers from intergovernmental organizations and representatives from financial institutions and bodies.

• Morocco joined the IMF on April 15, 1958​

• stimulate economic growth in the North African country

• future socio-economic reforms, the New Development Model,

• Human Capital

• government ramp up the implementation of the New Development Model.​

Countries NOT Part of the IMF

The seven countries
(out of a total of 196 countries)
that are
not
IMF members are
Cuba
East Timor
North Korea
Liechtenstein
Monaco
Taiwan
and
​Vatican City.

The IMF has 11 members that are
NOT
sovereign countries:
Anguilla
Aruba
Barbados
Cabo Verde
Curacao
Hong Kong
Macao
Montserrat
Netherlands Antilles
Saint Maarten
and
​Timor-Leste. 

​Members
DO NOT
receive equal votes.
Instead, they have voting shares based on a quota.
The quota is based on their economic size.
If they pay their quota,
they receive the equivalent in voting shares.
The Member Quotas and Voting Shares was updated in 2010.