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Morocco Considers Launching a Central Bank Digital Currency

Morocco’s central bank, Bank-Al-Maghrib (BAM), is investigating the benefits of launching a central bank digital currency (CBDC).

According to a Morocco World News report, BAM has launched an exploratory committee to investigate the pros and cons of a CBDC four years after banning cryptocurrencies.

The report stated that Morocco’s central bank is continuing to take a cautious approach due to the “speculative nature” of cryptocurrencies.

The report also noted that BAM’s new committee will seek to identify and analyze the advantages and drawbacks of CDBCs for the Moroccan economy.

According to Coindesk, previously Morocco has expressed concern around the lack of regulation around cryptocurrencies and warned the use of virtual currencies entails significant risk for users.

Although bitcoin (BTC) was banned for use in Morocco four years ago, the cryptocurrency continues to thrive in the country, with Nigeria, South Africa and Kenya being the only African countries with more trading volume.

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SourceCoinDesk

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