“We wanted to regulate the use of crypto-assets, without slowing down the innovation that can emerge from this ecosystem,” said Mr. Jouahri during a press conference held at the end of the fourth and final meeting of the BAM Council for the year 2024.
And to continue that this legal framework aligns with the latest recommendations of the G20, while taking into account the risks inherent to these financial assets.
Mr. Jouahri also explained that this text was developed with the technical support of the International Monetary Fund (IMF) and the World Bank, to balance two major imperatives, notably the guarantee of a regulated and secure environment.
He stressed that the process was the subject of extensive consultation with national and international institutions as well as the economic actors concerned.
“We have involved all stakeholders to develop this framework. It is an approach that ensures optimal adoption and minimizes gray areas,” said Mr. Jouahri.
Thus, Morocco is positioned among the first developing countries to offer clear and complete regulation of crypto-assets, he welcomed, noting that this approach aims to prepare the Kingdom for the economic and financial challenges posed by the digitalization of monetary systems.
On another subject, the Wali of BAM reported the existence of a strong appetite for the secondary market for overdue debts, following the first successful securitization operation of 400 million dirhams (MDH), carried out by a Moroccan bank.
This dynamic, he estimated, should make it possible to structure and boost the market for non-performing debts, thanks to a legal framework now finalized, adding that the legal text, now in the adoption circuit, will go through several stages before being implemented, with a public consultation and a governmental and parliamentary adoption process.
“The secondary market for overdue debts represents a major lever for strengthening the solvency of banks and supporting the national economy. By allowing active management of non-performing debts, this market will help to streamline the balance sheets of financial institutions and improve their capacity. intervention”, concluded Mr. Jouahri.
Remember, the BAM Council decided to reduce the key rate by 25 basis points (bps) to 2.5%, taking into account the evolution of inflation at levels in line with the stability objective prices and in view of the strong uncertainties surrounding the medium-term outlook, particularly at the international level.