Morocco’s central bank investigates cross-border payments using digital currencies

Bank governor Abdellatif Jouahri announced on Monday that Morocco’s central bank was investigating the use of its own digital currency for cross-border and peer-to-peer payments.

Unlike cryptocurrencies, which are typically decentralized, a central bank digital currency (CBDC) is governed by the central bank.

Morocco has prohibited cryptocurrencies since 2017, but some still use them covertly to get around the laws.

The bank has been evaluating the effects of its central bank digital currency (CBDC) on the payment system in collaboration with the World Bank and the IMF. Jouahri spoke at a Rabat conference.

According to him, the World Bank, the Moroccan central bank, and its Egyptian counterpart were investigating the use of the CBDC for cross-border payments.

Jouahri stated last month that the finance ministry is presently reviewing a draft law on crypto assets before it goes through the approval process.