Morocco’s central bank explores digital currency cross-border payments

Morocco’s central bank explores digital currency cross-border payments

RABAT: Morocco’s central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralized. Cryptocurrencies have been banned in Morocco since 2017, but the

Morocco’s Central Bank Pushes Ahead With Digital Currency Initiatives

Morocco’s central bank is moving forward with plans to develop a sovereign digital currency as part of a broader effort to modernise its financial infrastructure and prepare for the digital economy. Governor Abdellatif Jouahri announced that the bank has completed its first pilot program, which tested peer-to-peer retail digital payments. A second phase is now underway in collaboration with the Central Bank of Egypt and the World Bank, focused o…