E-Dirham in Morocco – the evolution continues. During the Gitex Africa exhibition, Abderrahim Bouazza, general manager of Bank Al Maghrib, announced that the central bank is conducting a feasibility study to evaluate the deployment of this new digital currency. The introduction of the e-Dirham aims to reduce the circulation of cash, the volume of which continues to reach new records.
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Implementation of the e-Dirham Project by Bank Al Maghrib
Bank Al Maghrib has taken significant steps to evaluate the introduction of the digital currency, the e-Dirham.
Announcement of the Feasibility Study for the Deployment of the e-Dirham
During the Gitex Africa exhibition, Abderrahim Bouazza revealed that Bank Al Maghrib, following the example of European central banks, is studying the feasibility of deploying the e-Dirham in Morocco. This study aims to analyze the potential benefits and challenges associated with the introduction of this digital currency. The aim is to assess the impacts on the Moroccan economy and prepare an effective framework for its future implementation.
Implications of Digital Currency on Cash Circulation
The introduction of the e-Dirham could have a significant impact on reducing the circulation of cash in Morocco. By offering a secure and convenient digital alternative. The e-Dirham in Morocco could encourage electronic transactions and reduce dependence on cash. This could also contribute to better traceability of financial transactions, thereby reducing risks linked to the informal economy and money laundering.
Regulatory and Institutional Issues of the e-Dirham
Bank Al Maghrib has also put in place an institutional framework to manage issues relating to the Central Bank Digital Currency (CBDC) and the challenges associated with the evolution of crypto-assets.
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Creation of an Institutional Framework for the CBDC
Morocco recently established an institutional framework dedicated to the Central Bank Digital Currency (CBDC). A committee was created within Bank Al Maghrib to identify and analyze the benefits and risks of CBDC for the Moroccan economy. This committee is responsible for proposing necessary measures to manage the evolution of crypto-assets at the national and international level.
Challenges and Preparations for the Evolution of Crypto-Assets
Bank Al Maghrib recognizes the challenges posed by the rapid evolution of crypto-assets. Since the formal ban on the use of cryptocurrencies in 2017, Moroccan authorities have warned of associated risks, such as price volatility and illicit uses. To prepare for a possible introduction of e-Dirham in Morocco, Bank Al Maghrib is considering several measures:
- Continuous monitoring of international developments : Monitoring developments in CBDC and associated regulations.
- Assessment of economic and financial risks : Analysis of potential impacts on the economic and financial stability of the country.
- Collaboration with other financial institutions : Work in partnership with international entities to share knowledge and best practices.
These efforts demonstrate Morocco’s commitment to adapting to new economic realities while ensuring the security and stability of the national financial system.
In conclusion, the evolution of the e-Dirham project in Morocco demonstrates the country’s commitment to integrating digital innovations into its financial system. The success of this initiative will depend on the implementation of adequate regulations and the management of risks associated with digital currencies.
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