RABAT – In a bold step toward modernizing its financial infrastructure, Morocco’s central bank is actively exploring the use of a Central Bank Digital Currency (CBDC) for both peer-to-peer transactions and cross-border payments, Governor Abdellatif Jouahri announced during a high-level conference in Rabat.
Unlike decentralized cryptocurrencies, CBDCs are state-backed and controlled by the central bank—ensuring greater security, transparency, and regulatory oversight. While cryptocurrencies have been banned in Morocco since 2017, underground use continues, highlighting growing public interest in digital assets.
To ensure a balanced and forward-looking approach, the Moroccan central bank has been collaborating closely with the International Monetary Fund (IMF) and the World Bank to study the systemic impacts of introducing a digital dirham. Jouahri also revealed that a joint initiative involving Egypt’s central bank and the World Bank is examining how CBDCs could streamline and enhance cross-border remittances between the two countries and beyond.
A draft legal framework for crypto assets is currently under review by the finance ministry, paving the way for a regulated digital finance ecosystem in Morocco.
This move reflects Morocco’s strategic vision to harness financial innovation while maintaining monetary stability—solidifying its role as a fintech pioneer in the region.
BY: The Times Union
