Latest news with #AbdellatifJouahri
Arab News
a day ago
- Business
- Arab News
Morocco's central bank explores digital currency cross-border payments
RABAT: Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralized. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions. The bank has been working with the IMF and the World Bank to assess the payment system impacts of its central bank digital currency (CBDC), Jouahri told a conference in Rabat. The Moroccan central bank, together with its Egyptian peer and the World Bank, was also exploring the use of the CBDC for cross-border transfers, he said. A draft law on crypto assets is currently under review by the finance ministry before entering the adoption process, Jouahri said last month.
Morocco World
a day ago
- Business
- Morocco World
Morocco's Central Bank Tests Digital Currency for Cross-Border Payments
Rabat — Morocco's central bank has completed its first digital currency experiment focused on peer-to-peer retail payments and now moves forward with cross-border payment trials. Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri announced the news on Monday, adding, 'We are conducting another experiment in collaboration with the Central Bank of Egypt and with support from the World Bank on cross-border transfer use cases.' BAM's governor made the announcement during the opening of the 2025 continental seminar of the Association of African Central Banks (ABCA), which runs from July 21-23 in Rabat under the theme 'Cyber-risks and innovative financial technologies: challenges and strategic measures.' Jouahri explained that Central Bank Digital Currency (CBDC), as sovereign money, can serve as a digital payment option for both wholesale and retail versions. The central bank will complete the project with studies and analyses on legal and regulatory aspects. 'Like other countries on the continent, we have conducted studies at Bank Al-Maghrib on issuing a Central Bank Digital Currency with support from the World Bank and IMF. These studies mainly focused on defining CBDC's strategic objectives and its potential macroeconomic impacts on payment systems,' he said. The BAM governor announced the completion of a draft law that establishes a legal framework for crypto asset usage. The legislation aims to protect consumers and investors appropriately while strengthening market integrity against fraud, manipulation, money laundering, and terrorism financing. Jouahri touched upon the mandatory role of authorities, including central banks, to regulate crypto assets and stablecoins. According to the Bank for International Settlements (BIS), these instruments do not fulfill the attributes of public money. 'These instruments present risks of money laundering and excessive disintermediation that could compromise the integrity and resilience of the financial system,' he explained. Morocco's financial services digitalization has been driven by traditional banks adapting to ongoing transformations as well as payment institutions adopting agile business models and a developing fintech ecosystem, Jouahri noted. The central bank recently created the Morocco FinTech Center through a public-private partnership. The platform supports and guides innovative project holders while strengthening a dynamic and inclusive digital ecosystem. 'We want our dialogue with fintechs to be constant to offer them a flexible regulatory framework adapted to their services' specificities and to encourage collaboration between established players and new entrants,' Jouahri stressed. Tags: bitcoin in MoroccocryptocurrencyMorocco's cryptocurrency
Yahoo
2 days ago
- Business
- Yahoo
Morocco's central bank explores digital currency cross-border payments
By Ahmed Eljechtimi RABAT (Reuters) -Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions. The bank has been working with the IMF and the World Bank to assess the payment system impacts of its central bank digital currency (CBDC), Jouahri told a conference in Rabat. The Moroccan central bank, together with its Egyptian peer and the World Bank, was also exploring the use of the CBDC for cross-border transfers, he said. A draft law on crypto assets is currently under review by the finance ministry before entering the adoption process, Jouahri said last month.
CNA
2 days ago
- Business
- CNA
Morocco's central bank explores digital currency cross-border payments
RABAT :Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions. The bank has been working with the IMF and the World Bank to assess the payment system impacts of its central bank digital currency (CBDC), Jouahri told a conference in Rabat. The Moroccan central bank, together with its Egyptian peer and the World Bank, was also exploring the use of the CBDC for cross-border transfers, he said. A draft law on crypto assets is currently under review by the finance ministry before entering the adoption process, Jouahri said last month.
Reuters
2 days ago
- Business
- Reuters
Morocco's central bank explores digital currency cross-border payments
RABAT, July 21 (Reuters) - Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions. The bank has been working with the IMF and the World Bank to assess the payment system impacts of its central bank digital currency (CBDC), Jouahri told a conference in Rabat. The Moroccan central bank, together with its Egyptian peer and the World Bank, was also exploring the use of the CBDC for cross-border transfers, he said. A draft law on crypto assets is currently under review by the finance ministry before entering the adoption process, Jouahri said last month.
