Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
TT

Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration

A draft law on cryptocurrencies is undergoing the process of adoption in Morocco, the governor of its central bank, Abdellatif Jouahri, said on Tuesday.

The central bank, known as Bank Al Maghrib, "has prepared a draft law regulating crypto assets, which is currently in the adoption process," Jouahri told an international conference in Rabat.

Bank Al Maghrib was also exploring a central bank digital currency (CBDC), Reuters quoted him as saying.
"Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion," he said.



Saudi Arabia Approves 2025 Budget with Total Deficit of $26.9 bln

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)
TT

Saudi Arabia Approves 2025 Budget with Total Deficit of $26.9 bln

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)

Saudi Crown Prince Mohammed bin Salman on Tuesday approved the country's budget for 2025, state media reported, with a planned deficit of 101 billion riyals ($26.88 billion).

The budget set spending at 1.285 trillion riyals in 2025 and total revenues at 1.184 trillion riyals. ($1 = 3.7568 riyals)

The Crown Prince also directed ministers and officials to commit, each in his capacity, to implementing the programs, strategies, and development and social projects included in the budget, consistent with the goals of the Kingdom's Vision 2030.