Morocco Jumps into Blockchain Bandwagon With Focus on Financial Sector
Morocco intends to simplify access to various financial services by implementing blockchain technology.
The country’s central bank governor Abdellatif Jouahri, while talking at the Africa Blockchain Summit in Rabat-Morocco’s capital, stated that the country will employ financial technology to improve access to financial services.
The fintech deployment is one of the initiatives among the nation’s financial inclusion program that mainly focuses on underserved citizens.
Elaborating further, Jouahri said that the fintech application, including deployment of blockchain technology, would assist Morocco to realize its objective to offer “all individuals and businesses a fair access to formal financial products and services […] in order to promote economic and social inclusion.”
Jouahri commented that “Blockchain is by far the most disruptive technology of this decade.”
In particular, the central bank aims to implement low cost systems that will offer financial services to the underprivileged and build conducive environment for non-cash dealings and settlement.
Of late, Morocco has started to test decentralized ledger technology in several sectors. In the second quarter of 2019, Morocco partnered with several global organizations to carry out the world’s first trans-border securities settlement between two central depositories using Quartz blockchain.
Back in September, there were news reports that Morocco is planning to establish a 36MW cryptocurrency mining farm in collaboration with Soluna, a US based Bitcoin (BTC) mining company. The program, referred to as a power purchasing contract, would permit the enterprise to gain in roads in the region with likely opportunities to widen its presence outside the border in the future.