Morocco Accelerates digital currency trials with Bank Al-Maghrib
Bank Al-Maghrib, Morocco’s central bank, has confirmed that it is intensifying its experiments with central bank digital currency (CBDC) while advancing legislation to regulate cryptoassets under a legal framework nearing completion.
In a statement on Monday, the bank revealed it had successfully completed an initial trial focused on a peer-to-peer retail payment use case, exploring the potential issuance of a sovereign digital currency. A second testing phase, centred on cross-border transfers, is now underway in partnership with the Central Bank of Egypt and with technical assistance from the World Bank.
Speaking at the opening session of the continental seminar of the Association of African Central Banks (ABCA) in Rabat, which focused on cyber risks and innovative financial technologies, Abdellatif Jouahri, the governor of Bank Al-Maghrib, announced the final stages of a draft law regulating the use of cryptoassets in the kingdom.
According to Mr. Jouahri, the forthcoming legislation aims to “appropriately protect consumers and investors,” while ensuring “the preservation of financial stability and market integrity,” particularly as cryptocurrencies and stablecoins remain “non-compliant with the standards of public currencies” as highlighted by the Bank for International Settlements (BIS).
Bank Al-Maghrib noted that it has already conducted a series of studies, with backing from the World Bank and the International Monetary Fund, assessing the macroeconomic implications of a digital currency and its effects on national payment systems. These efforts will be expanded with further regulatory analyses in the months ahead.
In his remarks, Mr. Jouahri underlined that a Moroccan digital bank currency (MDBC), whether for retail or wholesale use, could “ultimately stand as a credible sovereign alternative to private cryptoassets,” while stressing the risks posed by such assets, including money laundering and potential disruption to traditional banking channels.
Amid rising interest in financial technology across Africa, Morocco is seeking to position itself as a continental leader in regulatory innovation and digital finance, as debates on monetary sovereignty, fraud prevention, and financial inclusion continue to grow.
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