Morocco considers launching central bank digital currency

JOHANNESBURG – Morocco’s central bank, Bank Al-Maghrib (BAM), is considering launching a central bank digital currency (CBDC), according to CoinDesk.

The financial website reported on Saturday that BAM has set up a committee to investigate the pros and cons of a CBDC, four years after banning cryptocurrencies.

The committee will seek to identify and analyse the advantages and drawbacks of CDBCs for the Moroccan economy.

Previously, Morocco expressed concern about the lack of regulation of cryptocurrencies and warned that the use of virtual currencies entailed significant risk for users.

Although bitcoin 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, CoinDesk reports.