Morocco Considers Launching a Central Bank Digital Currency
Although bitcoin was banned for use in Morocco four years ago, the cryptocurrency continues to thrive there.
Feb 20, 2021 at 9:23 p.m. UTCUpdated Sep 14, 2021 at 12:14 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4MMNF236A5DNDAUMBGMZTCBSBQ.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Morocco’s central bank, Bank-Al-Maghrib (BAM), is investigating the benefits of launching a central bank digital currency (CBDC).
- BAM has launched an exploratory committee to investigate the pros and cons of a CBDC four years after banning cryptocurrencies, according to a Morocco World News report.
- Morocco’s central bank is continuing to take a cautious approach due to the "speculative nature" of cryptocurrencies, the report said.
- BAM’s new committee will seek to identify and analyze the advantages and drawbacks of CDBCs for the Moroccan economy, said the report.
- Previously Morocco has expressed concern around the lack of regulation around cryptocurrencies and warned the use of virtual currencies entails significant risk for users.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)