Monat: November 2024

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Morocco reconsidering its crypto ban, drafting crypto regulations

  • Morocco is drafting new crypto regulations to reverse its 2017 digital asset ban.
  • Morocco’s central bank is exploring the creation of a central bank digital currency (CBDC).
  • Global trends show more countries, like the UK and EU, moving toward crypto regulation.

Morocco is reconsidering its stance on cryptocurrencies, with plans to reverse a 2017 ban on digital assets and introduce comprehensive regulatory frameworks.

Morocco’s central bank, Bank Al-Maghrib, is currently drafting new legislation aimed at regulating digital currencies, signalling a significant shift in the government’s approach to cryptocurrencies.

Abdellatif Jouahri, the governor of the central bank, confirmed that the new draft law is under review and could soon be adopted. The law is part of Morocco’s strategy to regulate cryptocurrencies more effectively in response to growing interest and adoption, despite the initial ban.

By late 2023, nearly 5% of Moroccans were using digital assets, highlighting the widespread use of cryptocurrencies, even in the face of prohibitive laws.

The move comes at a time of rising global interest in cryptocurrencies, with Bitcoin nearing the milestone of $100,000, further fueling global crypto discussions.

Morocco considering creating a CBDC

In addition to legalizing cryptocurrencies, the country is exploring the possibility of creating a central bank digital currency (CBDC).

The central bank’s governor revealed that the central bank is assessing how a CBDC could support public policy objectives, such as promoting financial inclusion, by offering a regulated and secure digital currency alternative.

The global momentum towards clearer crypto regulations

As Morocco moves closer to legalizing cryptocurrencies, the country joins a global wave of nations embracing digital assets.

The European Union’s Markets in Crypto-Assets Regulation (MiCA), expected to be implemented by the end of 2024, and the UK, which plans to introduce a comprehensive crypto regulatory framework in early 2025, are just some examples of nations that are creating regulatory clarity in the digital finance space.

These steps suggest a future where the digital finance landscape is more structured, secure, and conducive to innovation, providing clearer guidelines for investors and businesses in the crypto market.

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XRP, SOL and DOGE pare gains as Bitcoin retraces below $93k

  • XRP and Solana fell 11% respectively as top altcoins mirrored Bitcoin’s decline.
  • BTC touched $91,700, down over 6% in 24 hours.
  • While DOGE also fell, analysts say it’s not panic-worthy.

XRP, Solana and Dogecoin have retraced more than 10% each as top altcoins mirror Bitcoin’s pullback from near $100k.

With the top digital asset falling 6% to below $93k, the prices of XRP, SOL and DOGE followed suit with dips of more than 11% for XRP and Solana and over 12% for the top meme coin Dogecoin.

BTC retraces as momentum fades

The flagship cryptocurrency rose sharply in November and nearly pushed to the coveted $100,000 level. Trump’s win, spot ETFs interest and interest rates cut added to the upside momentum. MicroStrategy’s BTC buying spree has been another huge catalyst.

However, despite MicroStrategy’s staggering $5.4 billion buy on Monday, Bitcoin price continued lower since failing to break $100k. This came as the market saw a huge $430 million liquidation, with ETFs recording over $438 million in net outflows. It ended the market’s five-day streak.

Commenting on the market outlook, analysts at QCP Capital noted:

“No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.”

BTC had touched lows of $91,700 at the time of writing.

It’s not a crash

While Bitcoin’s downside has caution for volatility cascading to the broader market, analysts say its “not panic-worthy”

“It’s not just BTC. ETH’s implied volatility skews toward puts, signaling broader caution. Growing downside risks have many bracing for more volatility in the coming days. But is this panic-worthy? Not quite. This isn’t a crash—it’s a retracement to last week’s levels. The market is taking a breather after a strong rally,” the analysts said.

XRP traded near $1.32, while Solana had dipped to $225 and DOGE to $0.37.

The post XRP, SOL and DOGE pare gains as Bitcoin retraces below $93k appeared first on CoinJournal.