Morocco’s central bank has explored the use of its digital currency for peer-to-peer and cross-border payments, according to Abdellatif Jouahri, the bank's governor.
The bank has been collaborating with the IMF and the World Bank to evaluate the payment system implications of its central bank digital currency (CBDC), according to Jouahri. Additionally, he mentioned that the Moroccan central bank, along with its Egyptian counterpart and the World Bank, is also exploring the use of the CBDC for cross-border transfers.
Morocco to legalise cryptocurrency
This initiative marks an essential step in the nation’s approach to digital assets, which have been officially banned since 2017.
Despite the ban, many citizens continue to use cryptocurrencies underground, circumventing the restrictions. As of 2024, an estimated 6 million Moroccans—16% of the total population—own or use cryptocurrency. Additionally, Morocco’s crypto market is projected to reach USD 278.7 million by 2025 and USD 292.4 million by 2026.
In November 2024, at an international conference in Rabat, Morocco central bank officials revealed that the bank has developed a framework aimed at regulating crypto assets. They also emphasised the importance of creating a legal foundation to address the challenges posed by the rise of cryptocurrency use in Morocco.
To ensure the comprehensiveness of the legislative process, the Bank of Morocco is interacting with several national regulatory bodies, including those overseeing capital and insurance.
Therefore, in 2025, a draft law on crypto assets is currently under review by the Ministry of Finance before being presented for adoption.
Morocco’s CBDC initiative – e-Dirham
Morocco's central bank, Bank Al-Maghrib, has been methodically establishing the e-Dirham, a CBDC designed to modernise payment systems and reduce reliance on cash. The e-Dirham has the potential to address financial exclusion by enabling low-cost and real-time transactions for unbanked populations.
