Rabat – Morocco’s central bank, Bank-Al-Maghrib (BAM), has established an exploratory committee to investigate the merits of a central bank-run cryptocurrency.
Cryptocurrencies have experienced widespread attention since the success of bitcoin. The virtual currency, run via blockchain technology, was initially roundly mocked but now stands at a total value of almost $1 trillion.
This year alone bitcoin has gained 81% in value, with a single bitcoin now priced at over half a million dirhams (roughly $53,000). With changing global opinions and attitudes toward bitcoin, Morocco’s BAM is having another look at the technology.
Although bitcoin was officially banned for use in Morocco in 2017, the cryptocurrency continues to be popular in Morocco, with only Nigeria, South Africa and Kenya trading more bitcoins on the African continent.
The growing popularity of bitcoin will be a topic of investigation for BAM’s new committee as Morocco’s central bank can no longer ignore the growing prominence of cryptocurrencies used worldwide.
