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Morocco Central Bank Mulling Over Introducing A CBDC

Even though BTC was debarred for use in Morocco 4 years back, the largest digital currency by market cap continues to boom across the nation.

Bank-Al-Maghrib, the central bank of Morocco, is examining the prospects of initiating a CBDC.

Bank-Al-Maghrib has initiated an probing squad to explore the advantages and disadvantages of a Central Bank Digital Currency 4 years subsequent to outlawing virtual currencies, as per a recent report published by Morocco World News.

The aforementioned the report mentioned that the country’s central bank is continuing to take a vigilant approach because of the speculative nature of virtual assets.

The report further added that the bank’s new team will attempt to find and investigate the positives and downsides of central bank digital currencies for the nation’s economy.

Beforehand, Morocco has expressed apprehension around the nonexistence of guidelines around virtual assets and cautioned the use of digital assets necessitates noteworthy peril for users.

Even though BTC was prohibited for usage in the nation 4 years back, the digital asset continues to flourish in the Morocco. Notably, Nigeria, South Africa and Kenya are the only African nations which are having comparatively more trading volume than Morocco.

What do you think about the above news? Let us know in the comments below!

Image by cryptostock from Pixabay

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