Morocco’s Central Bank Explores Launch of Digital Currency for Domestic and Cross-Border Payments

Morocco’s central bank is working with international partners to explore the creation of a digital currency for domestic and cross-border payments, despite an ongoing ban on cryptocurrencies.

Morocco’s central bank has announced plans to explore the development of its own central bank digital currency (CBDC), aimed at enhancing peer-to-peer and cross-border payments. Governor Abdellatif Jouahri made the announcement on Monday during a financial conference held in the capital, Rabat.

Jouahri revealed that Bank Al-Maghrib is working closely with the International Monetary Fund (IMF) and the World Bank to assess the potential impact of introducing a CBDC on Morocco’s financial and payment infrastructure. The move comes as part of broader efforts to modernise the country's monetary system and strengthen financial inclusion.

Despite the continued ban on cryptocurrencies in Morocco since 2017, underground trading and usage of digital currencies have persisted. Authorities have long maintained that the ban is in place due to concerns over security, volatility, and the absence of regulatory oversight. Nonetheless, the interest in state-backed digital currencies reflects a growing recognition of the benefits that controlled digital alternatives could offer, particularly in areas such as payment efficiency, transparency, and financial stability.

In addition to domestic applications, Morocco’s central bank is also collaborating with the Central Bank of Egypt and the World Bank to explore the cross-border use of CBDCs. These partnerships aim to facilitate faster, more secure, and cost-effective international transactions, particularly relevant for trade and remittances within the region.

Governor Jouahri also confirmed that a draft law on crypto assets is currently under review by the Ministry of Finance. Once finalised, the legislation will form the legal framework for regulating digital assets in Morocco, potentially laying the groundwork for future innovation in the financial technology space.

The proposed introduction of a CBDC in Morocco aligns with a global trend, as numerous central banks around the world—including those in China, the European Union, and several African countries—accelerate research and pilot programmes to determine the feasibility of digital currencies in their respective economies.

While the timeline for the CBDC’s development and implementation remains uncertain, officials have reiterated their commitment to taking a cautious and data-driven approach, with a strong focus on economic impact, security, and regulatory integrity.