Morocco enters the world of digital blinks
Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is decentralized and operates on a blockchain, a public transaction database that is constantly being updated and verified by a network of computers around the world. Some examples of cryptocurrencies include Bitcoin, Ethereum, and Litecoin. These digital assets can be used for online purchases and can also be It is traded on many cryptocurrency exchanges, for example, Binance.
According to international reports, Morocco is preparing to launch its first national cryptocurrency, in a precedent that will be the first in the Middle East region.
specialized in emerging blockchain technology, the financial administration in the Kingdom of Morocco is close to taking this historic step by opening a serious discussion about launching a national digital currency in Morocco, after the number of digital currency dealers and owners in Morocco reached 1.15 million. Moroccan citizen.
This decision comes after years of caution and hesitation, on the part of the financial authorities in Morocco, regarding digital currencies, and the trading operations and exchanges they represent
In its 2022 report, Triple A said that the beginning of the study by the financial authorities in Morocco of the decision to launch a national digital currency comes despite the implementation of the ban on dealing in cryptocurrencies in Morocco since 2017, and the demand witnessed by the financial authorities in Morocco among Moroccan investors. To invest in the field of digital currencies despite this ban.
These investments surprised the financial authorities in Morocco, as they put the Kingdom of Morocco in the ninth place among the most invested African countries in the field of digital currencies during the current year 2022.
In order to give the process of investing in these currencies more security and stability, Bank Al-Maghrib decided to consider offering the first Moroccan national digital currency, in light of the increasing demand from young investors in Morocco to invest in these digital currencies, despite the potential risks surrounding them based on speculation methodology.
The process of studying and launching a digital Moroccan currency will be led by a specialized committee, which will include a group of parties concerned with this issue, including experts and practitioners in the field of digital currencies.