The Central Bank of Morocco is in now for its new venture of trying to introduce its own central bank digital currency (CBDC). They still have to form a committee that will evaluate the highs and lows the bank might have to face because of it according to the reports on 20 February 2021.
Is CBDC An Attempt To Cope Up With The Changing Market By The Central bank of Morocco?
The business horizon is changing with each passing day. Apex banks within different jurisdictions have started to research central bank digital currencies (CBDCs) because we are living in a time when customers across the world are increasingly adopting digital payment methods rather than cash, in an attempt to stay influential in the constantly changing financial methods.
Also to stay in the race of current advancement, the central bank of Morocco, Bank-Al-Maghrib (BAM), has set up an exploratory committee to analyze the advantages and disadvantages of CBDCs for the economic growth of the country and to offer suggestions.
A Careful Approach And In-Detail Examination By BAM
Largely fueled by bitcoin and other cryptocurrencies’ increasing popularity and institutional acceptance globally, BAM says its advisory panel will carefully examine the emergence of cryptocurrencies, define and evaluate the advantages and disadvantages of a CBDC operated via BAM.
In this race of digital currencies, China is still leading as they have already developed and tested their digital currency that goes by the name of Digital Yuan and the transactions exceeded even $300 million till now.
North African Imposed A Blanket Ban on Bitcoin And Other Cryptos in 2017
While on the other hand, it would be worthwhile to mention that in North America there is a blanket ban on all cryptocurrencies including bitcoin (BTC) since the year 2017. They have made it obvious that any transactions that are related to cryptocurrency are illegal and the people who commit such act will be charged with heavy fines or some other sanctions.
The authorities said they want to advise the general public that virtual currency transactions constitute a violation of the rules regulating the exchange of currencies and are liable to penalties and fines are given for that as per the current laws in place. But despite all this still platforms and companies like CEX.io are still operating and are quite active in the region.