Cryptomoney: Bank Al-Maghrib launches the reflection on the concept of digital central bank money

Cryptomoney: Bank Al-Maghrib launches the reflection on the concept of digital central bank money

By Amine Kadiri on 18/02/2021 at 4:38 pm

The headquarters of the Central Bank of the Kingdom, in Hay Riad, Rabat.

An institutional committee dedicated to cryptomoney has just been created. Its role is to identify and analyze the advantages, but also the risks of a digital central bank currency (MDBC) for the Moroccan economy.

In order to accompany the dematerialization of economic exchanges and to better take advantage of new technologies to carry out their traditional missions, most central banks have started to think about the issuance of a currency on a digital medium, which would complement the traditional offer of money (coins and notes).

Some central banks, such as those of France and Sweden, have even begun experimenting with digital central bank money (DCBM).

Bank Al-Maghrib (BAM), in turn, is joining this movement. Indeed, according to MAP, an institutional committee dedicated to the MDBC theme has just been created. Created at the level of the Central Bank, the role of this Committee is to identify and analyze the advantages, but also the risks of an MDBC for the Moroccan economy. It will examine in depth all the consequences of such a digital currency on monetary policy, the structure of banking intermediation, financial stability and the legal framework.

Central banks question the way Fintechs operate

Central banks question the way Fintechs operate

The committee will also consider the measures to be taken in the light of developments in the use of crypto-actives at national and international level.

However, it will be necessary to be patient before being able to pay for purchases with « e-Dirhams ». « In the current context, and taking into account the various reforms undertaken by Bank Al-Maghrib to promote electronic means of payment and the reduction of cash, the effects of which can only be assessed in the medium term, it would be premature to envisage the issuance of a digital currency in the short term, » BAM stressed in a statement to MAP.

It should be recalled that in Morocco, cryptomoney, including Bitcoin, the most famous of them, is strictly forbidden. Transactions carried out via virtual currencies constitute an infringement of exchange regulations, punishable by sanctions and fines provided for by the texts in force.

Par Amine Kadiri

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Cryptomoney: Bank Al-Maghrib launches the reflection on the concept of digital central bank money
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