When it comes to launching Central Bank Digital Currency (CBDC), Morocco has also become part of the CBDC community. As per the latest reports, the central bank of Morocco, Bank-Al-Maghrib (BAM), has expressed its interest in digital assets.
The bank is reportedly in the process of exploring the possibilities of adopting Central Bank Digital Currency (CBDC). The bank has revealed that for now, it is focused to find the benefits and uses of adopting CBDC. If things turn out to be profitable and support the economy of the country, it will surely start working on the project right away.
As of now, the BAM has put together an exploratory committee whose main goal would be to find the benefits and possibilities CBDCs. The committee will be responsible for putting together a list of pros and cons that the regulatory authority may experience at the end of the tunnel.
Morocco has finally decided to reconsider the option of digital currencies after keeping the cryptocurrencies banned in the country since 2017.
According to sources, the BAM is taking all the necessary cautions and is being very vigilant about the entire project. The bank does not want to leave any loose ends behind and regrets it ever launching CBDC in the country.
The committee will also be looking into several possibilities that may have a direct positive or negative impact on the country’s economy. One of the major concerns that the Central Bank of Morocco has is the regulatory infrastructure that revolves around cryptocurrencies.
The BAM is of the view that the unregulated nature of cryptocurrencies makes digital currencies a threat to the state as well as a high risk.
The local reporting channels have revealed that despite cryptocurrencies being banned in the country, the industry seems to be booming. The country seems to be very fond of Bitcoin (BTC) as the circulation of Bitcoin (BTC) in the country is of high standards.
When it comes to CBDC adoption, Morocco is not the only country that has started thinking about it. There are several countries such as Russia, China, Georgia, Venezuela, and many more that have already gained a lot of progress and ground in the CBDC sector.
The country that is ahead of the rest in the CBDC race is China that is almost ready to launch its digital-yuan. The country had already carried out several pilots and tests for the digital-yuan back in 2020. It was also reported that the country had also carried out cross-border CBDC transaction pilots with the Government of Hong Kong.
It is being speculated that China will be able to launch its Central Bank Decentralized Currency by the end of the running year.