Bank Al-Maghrib (BAM), Morocco’s central bank, is looking into the profits and gains of issuing a central bank digital currency (CBDC), according to Morocco World News.
The bank has created an investigative board to explore the advantages and disadvantages of digital currency. This step was taken 4 years after Morocco banned cryptocurrencies in 2017, and BAM is being very careful in weighing the possibilities due to the hazardous nature of digital money.
Regardless of the banning, Morocco is one of the most popular countries in Africa for bitcoin trading, surpassed only by Nigeria, Kenya, and South Africa.
CBDC (Central Bank Digital Currency) is being contemplated by various central banks globally, like China which is going forward with its “digital yuan”.
The committee will cautiously analyze the benefits and issues that CBDC could bring to the Moroccon economy. It will also investigate the rising popularity of Bitcoin lately, and they can’t overlook its growing prominence any longer.
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