Morocco will use blockchain technology to benefit the less favored sectors.
As part of a plan to improve financial services, Morocco will seek to expand and optimize its services using a blockchain network, which will be integrated with the country’s commercial and financial sector.
Abdellatif Jovahri, who is Governor of the Central Bank of Morocco, made a public intervention during the Africa Blockchain summit held in Rabat. During his speech, he commented that the necessary mechanisms are being developed in the country to mount the latest in financial technology to be on par with the rest of the world.
The news of his intervention was also published in a report of the local media Morocco World News, last November 21st, where the movement was also pointed out as a plan of integration and financial inclusion so that citizens can add their businesses to the global economic system. This is part of a strategy, driven by the government that is being designed to favor the most vulnerable citizens.
In this way, Jouahri added that once the blockchain application is up and running, it would benefit citizens who are not in a formal banking system, since it would give “all people and businesses fair access to formal financial products and services… to promote economic and social inclusion”, he concluded.
Being all about the technology, the Governor of the Central Bank of Morocco expressed his position on these new financial advances and said: “Blockchain is by far the most disruptive technology of this decade”.
As this alternative would also be designed for unfavorable economic sectors, the Central Bank will develop applications aimed at small-scale economic models to provide financial services at very low costs, with transactions with very low commissions and settlements of digital origin quickly and safe.
Morocco’s Foray into Blockchain Technology
It is not the first time that the country has made incursions into these alternative technologies. A few months ago, Morocco tried, together with other international organizations, a decentralized registration system that would allow, for the first time in the world, to make the liquidation of values between several countries of the world using two central deposits as main axes. As it was known a short time later, everything was done using the Quartz blockchain.
In another initiative, but more recently, last September the country managed to install a crypto mining stand with an equivalent power of 36 megawatts. This is due to an alliance with Soluna, a mining company of American origin that specializes in Bitcoin mining (BTC).
The agreement determined the alliance as a purchase of energy. In this way, the mining company would carry out the installation of a point within the country where it would carry out the mining process. This would also help, without a doubt, to expand their business across the continent.
Morocco has become one of the most open countries in Africa to use blockchain technology and cryptocurrencies to improve factors in its economy, which is unstable.
Besides, they are deeply concerned about not being outdated with the financial technologies that are taking place in the rest of the world so they probably will continue investigating this technology and looking for new ways to apply it to achieve more and more benefits.
By María Rodríguez