The decentralized nature of cryptocurrencies threatens to disrupt the role of Morocco’s central bank and the country’s banking sector as safekeepers of the national economy.
Rabat - Morocco has adopted a “wait and see” approach when dealing with cryptocurrencies, reflecting the country’s “fear” of losing control over its economic and monetary sovereignty, experts have argued.
According to a new report by the Moroccan Institute for Policy Analysis, the decentralized nature of cryptocurrencies threatens to disrupt the role of Morocco’s central bank and the country’s banking sector as safe keepers of the national economy.
Adopting crypto-based monetary transactions would also mean that Morocco’s central bank would have little control over capital flight, given that transactions on the blockchain lack geographical boundaries.
As of July 2022, using cryptocurrencies is punishable under an official decree.
Morocco’s reluctance to adopt the digital assets, however, has been met by a...
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