Morocco explores digital currency for cross-border payments

Morocco’s central bank is studying the potential use of a central bank digital currency (CBDC) for peer-to-peer and cross-border payments, Governor Abdellatif Jouahri said during a conference in Rabat.

The bank is collaborating with the International Monetary Fund (IMF) and the World Bank to evaluate the impact of the CBDC on the national payment system, Jouahri said, adding that it is also working with Egypt’s central bank (CBE) and the World Bank to examine cross-border applications. A draft law on crypto assets is currently under review by the finance ministry, Jouahri said last month according to Reuters.

According to Reuters, despite a 2017 ban, cryptocurrencies continue to be used underground in Morocco.

Attribution: Reuters

Subediting: M. S. Salama