The Kingdom of Morocco may see its first crypto bill introduced “in the following days.” The document is already written by the Central Bank and will be discussed with the industry stakeholders. On Jan. 3, during the press conference, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri announced a series of discussions between the BAM and the market participants. Regulators, such as the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and Social Security (ACAPS), will also participate. It will precede the implementation of the crypto law. According to Jouahiri, the BAM collaborated with the International …

Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa (MENA) region. A new report from Chainalysis reveals that the crypto market in the MENA region is the fastest growing in the world. Transaction volume in the MENA region reveals users received $566 billion in crypto in the time frame of July 2021 to June 2022. This is 48% more than the previous year. MENA is followed by Latin America and North America with a growth of 40% and 36% respectively. This region is …

Even though the digital asset market seems to be witnessing a bit of a lull at the moment, the adoption of crypto-centric tech has continued to move forward with a full head of steam globally. Africa, in particular, is a continent where a growing list of mainstream financial entities have continued to make their presence felt, as they have begun to realize that the economic opportunities presented by the region are immense. To put things into perspective, a recent report released by Singapore-based crypto data provider Triple A shows that the North African country of Morocco currently boasts one of …

Estimates from Triple A, a Singaporean cryptocurrency provider and aggregator, state that 0.9 million people, or roughly 2.4% of Morocco’s total population, currently own cryptocurrency. That puts the kingdom as the top country in North Africa and in the top 50 holders of cryptocurrency population percentage, just ahead of Portugal. Data from Useful Tulips — a platform that tracks peer-to-peer BTC trading across the globe — confirms the trend. The Kingdom of the West, as it’s known locally, has been the runaway North African leader for BTC trades in the past year, pipped by only Saudi Arabia when weighing up …

A state-owned Moroccan fertilizer company has executed a $400-million transaction using blockchain technology, in what it says is a first for intra-African commerce. In a deal facilitated by the Eastern and Southern African Trade and Development Bank, OCP Group sold phosphate fertilizer exports to Ethiopia, using blockchain technology, in a deal worth an initial $270 million. The remaining deals will be executed in the coming months, taking the full transaction value to $400 million, reports Global Trade Review. Trade finance deals that are typically executed over a matter of weeks can be finalized in hours using blockchain, according to OCP …

Crypto adoption is making significant advances in Africa, with crypto ownership, trade volume, and regulation all moving toward greater adoption. A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top 10 countries by Google searches for the word “Bitcoin.” The report describes the continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing Africa’s combination of low existing crypto adoption alongside an “enormous” domain possibility. The firms emphasize that Africa exhibits a young population, frequent monetary crises and currency failures, large unbanked …

Morocco is looking to expand access to financial services through the integration of blockchain technology in the country’s financial sector. Speaking at the Africa Blockchain Summit in Morocco’s capital of Rabat, the country’s central bank governor Abdellatif Jouahri said that Morocco will deploy financial technology to enhance access to financial services, Morocco World News reported on Nov. 21. This fintech implementation will come as part of the country’s financial inclusion strategy and especially targets underserved citizens. To reach the unbanked Jouahri further elaborated that the application of fintech, including blockchain technology, would help Morocco to achieve its goal to provide …

A Bitcoin mining company formed from a U.S. private equity firm plans to begin building a 36 megawatt farm in Morocco from January next year, Ars Technica reports Tuesday, September 18. Soluna, the product of New York-based Brookstone Partners, intends to leverage local laws by eventually selling at least 20 percent of its electricity output back to the Moroccan government. The scheme, known as a power purchasing agreement (PPA), will enable the company to establish a foothold in the region with the possibility of expanding sales beyond the border in future years, CEO John Belizaire explained. “Morocco has a law …

Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent. Lack of economic infrastructure paired with inadequate financial education has left a large portion of Africans without bank accounts or basic monetary means. However, in many countries the proliferation of smartphones has allowed access to alternative financial services which have become a dominant means of payment, especially among the high proportion of millennials. Bitcoin’s appeal is in large part due to its accessibility and inclusivity, …