Morocco’s central bank, Bank-Al-Maghrib (BAM), has created a special committee to find out whether the country needs a central bank digital cryptocurrency (CBDC), Morocco World News reports. The central bank wants to study the CBDC usage despite the fact it had banned bitcoin back in 2017.
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According to the report, the central bank will study CBDCs as "speculative nature" of cryptocurrencies continue to worry many at the risk-averse Bank-Al-Maghrib. The watchdog first wants to "identify and analyze" all the aspects of CBDCs.
As iHodl reported, Morocco's Foreign Exchange Office warned in 2017 that cryptocurrencies work within a "hidden payment system that is not backed by any financial institution." The regulator also announced it would impose fines to "anyone engaging in transactions with foreign countries that do not go through authorized intermediaries or in foreign currencies not listed by Bank Al-Maghrib."
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