Before launching its e-dirham, Bank al-Maghrib (BAM) explores the outlines of the creation of digital currencies. For economics expert Driss Effina, cryptocurrency is a necessary evil.
The subject was discussed at the high-level meeting on central bank digital currencies (BAM) co-organized this week in collaboration with the International Monetary Fund (IMF) around the “Role of the public sector in money and payments – A new vision”.
On this occasion, Abdellatif Jouahri, Wali Bank al-Maghrib, had stressed that “thehe digitization of monetary exchanges has become a necessity, and the status quo is no longer an option for central banks”.
Asked by MoroccoLatestNews Fr, Driss Effina, economist, explained that “today, cryptocurrency is a reality, it weighs an important point in monetary creation on an international scale and it is linked to real economic activity”.
Therefore, he continues, “Morocco must integrate this international dynamic, this is why the central bank, at one point, declared that cryptocurrency is not prohibited in Morocco, and this is why the possibility of using it as currency of exchange with the outside is very recurrent“.
Financial institutions have indeed made a lot of progress in this area, however, several challenges remain.
“The public authorities and the central bank are all invited to do more innovation in terms of payment methods because we are very behind in terms of this level. The banking rate is still low and the use of money is very widespread, because we have a large informed sector, which is why today we need to move to a higher level by using the most sophisticated means of payment“, clarified our interlocutor.
This event, which is a continuation of the efforts undertaken by the IMF and Bank Al-Maghrib, reveals the will of the institutions to remain at the forefront of monetary innovation and to meet the challenges arising from it.
In this regard, the expert is categorical: “ Morocco must have its cryptocurrency because it is the international trend, we cannot stay out of this dynamic, so cryptocurrency is a necessary evil and Morocco must be part of this perspective. Moreover, there are isolated cases in Morocco which are already integrated into this itinerary, so a legal framework is necessary in order to frame this project.“.