The Central Bank of Morocco Launches Its First Digital Currency Experiments, Advancing the Financial Sector’s Digitization
Abdelatif Jouahri, the Governor of the Central Bank of Morocco, announced that the central bank has conducted its first peer-to-peer retail payment experiment as part of its central bank digital currency project.
During the opening of the African central banks association’s continental conference for 2025, Jouahri confirmed that a new experiment is underway in collaboration with the Central Bank of Egypt and with support from the World Bank, aimed at exploring the use cases of cross-border financial transfers.
Jouahri noted that the central bank digital currency, as a sovereign currency, represents a promising option for digital transactions in both large and retail operations, highlighting that the project is supported by in-depth legal and regulatory studies. He explained that studies conducted with assistance from the World Bank and the International Monetary Fund focused on the strategic objectives of the digital currency, its macroeconomic implications, and its impact on payment systems.
Regarding cryptocurrencies, he mentioned the completion of a draft law governing their use, aimed at protecting consumers and investors, ensuring market integrity, combating financial crimes, and maintaining financial stability. He stressed that authorities are required to establish a clear regulatory framework for digital assets and stablecoins, which do not meet the characteristics of sovereign currencies, due to the risks associated with money laundering and undermining the role of banking intermediation.
Jouahri viewed the digitization of financial services in Morocco as the result of interaction between traditional banks, payment institutions, and the emerging fintech ecosystem, pointing to the establishment of the “Morocco FinTech Center” as part of a public-private partnership to support digital innovation and accompany entrepreneurs.
He emphasized the importance of providing a flexible legislative framework for fintech companies and encouraging cooperation between them and traditional financial actors, which contributes to developing a dynamic and integrated sector. He also mentioned implementing a set of technical and legal requirements to accompany this transformation, such as electronic signatures, biometric verification, and cloud computing, while working on developing other areas like open banking and enhancing data protection amid rapidly advancing technological innovations.
