Morocco’s central bank is investigating the use of its own central bank digital currency (CBDC) to facilitate peer-to-peer and cross-border payments, Governor Abdellatif Jouahri announced at a conference in Rabat. Unlike decentralized cryptocurrencies, CBDCs are issued and controlled by the central bank.
While cryptocurrencies have been banned in Morocco since 2017, underground use persists. The central bank is collaborating with the International Monetary Fund (IMF) and the World Bank to evaluate the payment system implications of the CBDC.
Jouahri noted that Morocco, alongside Egypt and the World Bank, is exploring how the CBDC could streamline cross-border transfers. Additionally, a draft law regulating crypto assets is under review by Morocco’s finance ministry prior to formal adoption.
