It was on September 24, during his council meeting, that the Wali of BAM declared: “The e-Dirham is currently being studied, but its launch is in the long term. » In this Inside dedicated to this institutional currency, Challenge zooms in to better understand this project currently being developed.
400 billion dirhams is the amount of financial flow outside the banking circuit. For several years now, the Wali of BAM has made this issue of cash a strategic priority. In this project, the path of digitalization turned out to be a sure path to bring about a whole new financial system. So, at a time when the development of digital currencies has become a global trend, BAM has little hope of remaining on the sidelines. “We are preparing not to be left behind as the world is in rapid and constant transition when it comes to the digital economy. We have to hang on and prepare. And when the time arrives, we will be ready,” declared the Wali of BAM during the last council on September 24. Much awaited, this currency remains rather vague to say the least.
What is the e-Dirham?
The e-Dirham is an electronic payment solution being developed by Bank Al Maghrib, with the aim of modernizing and dematerializing financial transactions as well as fighting against cash. Concretely, according to Abdelmalek Benabdeljalil, vice-president of BMCE Capital, this currency will work in card form, except that the value will be digital. It will have all the same functionalities as normal currency, namely: a value, the transaction effect and finally negotiability. According to our interlocutor: “The currency will be used on a card holder, and will be free. » He then recalls that, initially, BAM will proceed with a determined test stock. It should also be noted that, according to IT expert Ahmed Khaouja, this new currency is a way of countering the rise of Bitcoin, a digital currency which escapes regulators. According to our expert, unlike cryptocurrencies, the e-Dirham will remain under the direct control of the State and financial institutions. “Where Bitcoin is decentralized and escapes the authority of central banks, e-Dirham is a centralized initiative, managed by the government and the central bank to provide a secure and stable framework for financial transactions,” specifies the expert .
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E-Dirham: the role of banks?
The banks will be responsible for distributing the e-dirham, and all under the supervision of BAM.
What impact on the citizen?
For Moroccan citizens, the introduction of the e-Dirham will lead to several changes both in their daily life and in their professional life:
- Easier and faster use of electronic payments: With the e-Dirham, citizens will be able to pay their bills, taxes and other services directly through digital platforms, without the need to travel or use cash. This will simplify administrative procedures and reduce the time needed to make payments.
- Reduction of dependence on cash: Many transactions in Morocco are still carried out in cash, especially in the informal economy. The e-Dirham will encourage the use of digital payments, which could make transactions safer and more transparent, while reducing the risks associated with theft or loss of cash.
- Traceability and transparency of transactions: Each transaction carried out via the e-Dirham will be traceable and recorded, which will bring more transparency to economic exchanges. This could make it more difficult to hide income and avoid taxes, but it also raises questions about privacy and the protection of personal data.
- Enhanced security: Electronic transactions through the e-Dirham will be protected by advanced encryption technologies, reducing the risk of fraud compared to cash or check transactions. However, cybersecurity will be crucial to ensure that these systems are not vulnerable to attack.
- Financial inclusion: The e-Dirham could promote financial inclusion, allowing people who do not have access to traditional banking services to participate in the digital economy. With the growing use of smartphones in Morocco, access to this new digital currency could be facilitated, even for those outside the traditional banking system.
- Impact on the informal economy: For citizens and traders operating in the informal sector, this could represent a significant change. By adopting the e-Dirham, they would be required to declare more transactions, which could strengthen their regularization and contribute to their integration into the formal economy.
How is e-Dirham different from Bitcoin?
According to the experts we consulted, the difference between the two currencies is this: Bitcoin is a decentralized digital currency. While it operates on a public blockchain (the Bitcoin network), e-Dirham is a centralized digital currency that operates on a centralized or private blockchain.
Crossed perspectives on Nigeria’s eNaira
The eNaira is Africa’s first central bank digital currency (CBDC) and one of 11 active CBDCs globally.
How does it work?
eNaira runs on a private blockchain. Transactions are carried out on a blockchain network, allowing an eNaira user to send the currency peer-to-peer (P2P) without any intermediaries.
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What is the value of the eNaira?
Where the value of the e-Dirham is not yet defined, that of the eNaira has the same value as the naira. Essentially, one eNaira is equal to one naira.
Being one of the benchmarks in the sector, it should also be noted that the Nigerian central bank took almost 5 years to design this project.
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