Bank Al-Maghrib Continues Testing Digital Currency and Strengthens African Cooperation
Bank Al-Maghrib is advancing its experimental steps towards adopting a central bank digital currency through the implementation of two operations aimed at assessing the uses of this future currency.
During the opening of the continental conference of the African Central Bankers Association held in Rabat, Governor Abdellatif Jouahri announced that the first phase of these trials focused on the use of digital currency for peer-to-peer retail payment transactions, allowing for the evaluation of the efficiency of this means in transactions between individuals, emphasizing security, ease of use, and operational efficiency.
The second phase, which is still underway, aims to test cross-border transactions in collaboration with the Central Bank of Egypt and with support from the World Bank. This process seeks to explore the interoperability of digital currencies among African central banks as part of efforts to enhance regional financial integration through advanced digital payment solutions.
Jouahri confirmed that these initiatives are part of a gradual approach based on studies supported by the World Bank and the International Monetary Fund, focusing on the strategic dimensions of issuing digital currency and its potential economic impacts, as well as its effect on existing payment systems. This approach aims to ensure that modern technological developments align with the requirements of national financial stability.
The Governor of Bank Al-Maghrib also revealed that the Kingdom has completed drafting a bill governing the use of digital assets, aimed at enhancing consumer and investor protection, ensuring market integrity, and combating fraud, money laundering, and the financing of terrorism, with the goal of establishing a secure and modern financial environment.
