Morocco's central bank is advancing its work on a central bank digital currency (CBDC), having recently completed its first test involving peer-to-peer (P2P) retail payments, Bank Al-Maghrib Governor Abdellatif Jouahri announced Monday in Rabat. Speaking at the opening of the 2025 Continental Conference of the Association of African Central Banks, Jouahri revealed that a second test is underway. This new trial focuses on cross-border transfers, in partnership with the Central Bank of Egypt and with support from the World Bank. He explained that the CBDC, as a sovereign currency, could serve as a digital payment option for both wholesale and retail use. The broader project is being supported by ongoing studies and analyses covering legal and regulatory frameworks. «Like other countries on the continent, we at Bank Al-Maghrib have conducted studies, supported by the World Bank and IMF, on issuing a CBDC. These studies focused on defining the strategic objectives of the currency, its potential macroeconomic impacts, and its implications for the payment system», Jouahri said. Regarding cryptocurrencies, Jouahri confirmed that a draft law has been finalized to establish a legal framework for their use. The goal is to ensure adequate consumer and investor protection, enhance market integrity, combat fraud, money laundering, and terrorism financing, and maintain financial stability. He stressed the need for regulators, including central banks, to define a legal framework for digital assets and stablecoins, which, according to the Bank for International Settlements (BIS), do not meet the characteristics of legal tender. «These instruments carry particular risks, notably in relation to money laundering and the erosion of financial intermediation, which could harm the integrity and resilience of the financial system», he warned. Article modifié le 21/07/2025 à 16h57
