Morocco Central Bank sets up Group to research on CBDC and Cryptocurrencies

By: Mark Jessy

February 22, 2021 11:31 AM

Blockchain and Bitcoin adoption in Africa has been on the rise of late as with recent data from google trends proving African nations are top-ranked on Bitcoin searches.

The Central bank of Morocco, Bank AI Maghrib (BAM) has set up a research group to examine the possibilities of a central bank run digital currency. 

The newly created group is set to explore its options with Bitcoins as well as Central Bank Digital Currency (CBDC), with growing worldwide interest in cryptocurrencies that banks can no longer ignore. 

Morocco will join a host of countries currently exploring CBDC as India, China has set their target on creating a central bank digital currency of their own.

The Bank AI Maghrib will continue to be cautious towards cryptocurrencies. Although its new group is set up to investigate if the back could issue its blockchain-based digital currency. The group while researching Bitcoin and CBDC, the group will also proceed to identify the fundamental benefits and dangers a Bank AI Maghrib (BAM) issued CBDC will bring to the Moroccan economy.

Global Vice President of IBM Blockchain Jesse Lund, in a previous interview, noted that central banks in the MENA region would be the first to issue CBDC's.

Bank of Morocco ( BAM) in the past had tinkered with the notion of using Blockchain for payments and financial inclusion with HPS a payment solution company.