Morocco’s central bank confirms exploration of digital currency

The central bank of Morocco is studying the creation of a digital dirham.

The institution has created a committee that will analyze the advantages and disadvantages of a digital currency.

Bank Al-Maghrib (BAM) , the central bank of Morocco, has confirmed the creation of a committee which will have the objective of studying the creation of a central bank digital currency (CBDC).

A digital currency in Morocco

The BAM committee will identify and analyze “the advantages as well as the risks of a CBDC for the national economy”. In addition, this committee will examine in depth all the consequences of a Bitcoin Evolution on monetary policy, the structure of banking intermediation, financial stability and the legal framework.

The committee will coordinate with the other authorities of the country the „measures to be taken“ concerning cryptocurrencies, according to their use at the national and international level.

BAM does not plan to issue a digital dirham immediately:

“In the current context, and given the various reforms undertaken by Bank Al-Maghrib for the promotion of electronic means of payment and reduction of liquidity , it would be premature to consider issuing a digital currency in the short term” .

At the same time, in the Bahamas, the Sand dollar is already in circulation, and China is about to make its seventh test with the digital yuan . The Chinese central bank is also participating in a cross-border multi-currency CBDC project that involves Hong Kong, Thailand and the United Arab Emirates.

The Bank for International Settlements (BIS) recently revealed that 60% of central banks are likely to issue a CBDC within the next six years.