Morocco’s central bank is stepping up its exploration of a central bank digital currency (CBDC) as it considers new digital payment frameworks for both local and cross-border use. The initiative, led by Bank Al-Maghrib (BAM), reflects growing institutional interest in regulated digital assets and signals a notable shift in the country’s approach to financial innovation.
According to Governor Abdellatif Jouahri, the bank works closely with the International Monetary Fund (IMF), the World Bank, and the Central Bank of Egypt to study potential CBDC models. The research is focused on how a digital version of the dirham could be deployed to support peer-to-peer transfers and streamline cross-border transactions, a vital aspect given the country’s reliance on remittance flows.
A dedicated internal committee at BAM has been tasked with evaluating the operational, legal, and technical requirements for a future digital currency. Discussions reportedly include infrastructure design, cybersecurity safeguards, and frameworks for anti-money laundering (AML) and know-your-customer (KYC) compliance.
The bank is also in the process of reviewing draft legislation to regulate crypto-assets more broadly. While the move does not yet represent an official policy shift toward decentralised cryptocurrencies, it highlights Morocco’s intent to create a formal structure around digital finance and emerging technologies.
This latest push comes nearly eight years after the country banned cryptocurrencies in 2017, citing risks related to fraud, volatility, and capital flight. Today, the conversation has evolved. With a CBDC on the table, the central bank appears to be positioning Morocco for more structured participation in the digital economy, one rooted in oversight, stability, and controlled innovation.
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