Crypto, Digital Currency, Cybersecurity: The Central Bank Takes Action
Long cautious regarding technological issues, Bank Al-Maghrib has now adopted a proactive, forward-looking strategy when it comes to technology. During the opening of the 2025 seminar of the African Central Banks Association (ACBA), the Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, announced two major developments in the Kingdom’s digital strategy: a bill governing cryptoassets, now finalized, and the advanced experimentation of the Central Bank Digital Currency (CDBC), tested in domestic and cross-border use.
These are strong signals in an African environment buzzing with technological activity, where financial innovation is moving faster than regulation. By directly addressing the issue of crypto-assets, testing a sovereign digital currency, and strengthening defenses against cyberattacks, BAM is making a clear statement: secure innovation to better harness its potential, while reinforcing its position as an agile and visionary regulator in a rapidly evolving continent.
A Law on Crypto-Assets to Regain Control
The first milestone of this new era is legal. Bank Al-Maghrib has finalized a draft law on the use of crypto-assets, aiming to regulate a largely underground market. The stated goal: to protect consumers, combat systemic risks, and enhance transparency.
On this point, Jouahri did not mince his words: these instruments (cryptoassets, including stablecoins) do not fulfill the functions of a public currency and present major risks of money laundering, fraud and disintermediation.
The legal framework therefore aims to prevent a collapse of the monetary system and to neutralize the abuses linked to the proliferation of unregulated actors. This initiative comes in a context where global crypto-asset platforms and issuers are gaining ground over national payment systems. In this tug-of-war, Moroccan lawmakers are taking a stand, consisting in not prohibiting, but in regulating firmly.
Now a Structured Project
The other key announcement concerns the Central Bank Digital Currency (CBDC). Long discussed as an exploratory avenue, it has now become a structured project in advanced testing. Bank Al-Maghrib has already conducted an initial experiment on peer-to-peer retail payments. The central bank’s officials are currently working—supported by the World Bank—on a cross-border use case in collaboration with the Central Bank of Egypt. A third phase will focus on legal and regulatory aspects.
As digital payments become the norm and private currencies proliferate, the CBDC appears as a sovereign alternative. It would ensure transaction security, promote financial inclusion, and reduce dependence on foreign payment networks. Beyond a mere technical tool, the Kingdom is preparing a true instrument of monetary policy and economic sovereignty.
F.T.
