As the global cryptocurrency market continues to expand, Morocco long known for its cautious approach now finds itself at a critical juncture. In this fast-moving environment, the challenge for the kingdom is to design an effective, tailored strategy, as highlighted by Haroun El Aouad, CTO of Blocreg Solution.
Why have some countries, such as El Salvador, dared to embrace cryptocurrencies on a large scale, despite warnings from international financial institutions? According to Haroun El Aouad, “these countries saw blockchain as an opportunity to break free from the constraints imposed by traditional economies dominated by global powers.” The decentralised nature of blockchain enabled them to build more autonomous economic ecosystems, with tangible positive economic spillovers.
In Morocco, a parallel market already exists, fuelled by peer-to-peer platforms. Although unregulated, it reflects growing interest in cryptocurrencies. “The evolution of blockchain has significantly simplified the creation of wallets and the transfer of funds between accounts, even if such transactions remain illegal in the kingdom,” El Aouad explains. This reality raises a crucial question: how can this momentum be channelled into a legal framework that benefits the Moroccan economy?
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For Haroun El Aouad, a gradual and well-structured approach is essential. He argues that the goal is not to “legalise crypto overnight, but to progressively implement technologies linked to digital assets.” The e-dirham project—a central bank–issued digital currency—represents, in his view, an ideal stepping stone to introduce Morocco to this ecosystem while limiting risks. Such phased regulation could allow the kingdom to harness the benefits of cryptocurrencies while avoiding the pitfalls associated with their volatility.
Between the e-dirham and figures to be scrutinised
Haroun El Aouad’s carefully thought-out strategy could be anchored in the launch of the e-dirham, helping citizens and institutions become familiar with digital assets. As a digital currency issued by a central authority, the e-dirham would provide the security and stability needed for users to engage confidently in digital transactions. At the same time, it would be crucial to pilot legal frameworks for stablecoins and other cryptocurrencies. These steps would allow the adoption of digital assets to be staggered, while keeping their impact on the national economy under control. As El Aouad notes, “progressive implementation, starting with CBDCs (central bank digital currencies), would provide a solid foundation for experimentation and for understanding the impacts before going further.”
Current estimates of crypto-related flows in Morocco, while striking, require careful scrutiny. Some analyses point to transaction volumes of 13 billion dirhams linked to Moroccan IP addresses. However, as El Aouad reminds us, “this does not mean that these flows originate exclusively from Moroccan citizens. The decentralised nature of blockchain makes such data difficult to interpret with precision.” More conservative studies place the real economic potential of the Moroccan market at around 100 million dirhams. These figures suggest latent interest in crypto, but they must be handled cautiously to avoid either overestimating or underestimating reality.
Benchmarking towards an appropriate legal framework
International benchmarking is essential to define a credible roadmap. “Countries that have succeeded in this area particularly those that have adopted stablecoins or CBDCs show that it is crucial to select cryptocurrencies aligned with national needs,” Haroun El Aouad emphasises. Stablecoins, for example, whose value is pegged to real assets, can serve as an effective tool to enhance economic stability.
For Morocco, deploying each type of cryptocurrency within a clearly defined context could address specific local needs. This would require developing tailored solutions while educating citizens and businesses about the uses and risks associated with cryptocurrencies. Such a pragmatic approach would prepare the kingdom for a controlled transition towards a digital ecosystem.
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Designing an appropriate legislative framework is one of the keys to a successful transition. Morocco can draw inspiration from international best practices while taking into account its own economic and social specificities. Regulating stablecoins, whose value is backed by real assets, could offer both economic stability and an ideal testing ground for more ambitious projects. Educating citizens and businesses about the uses and risks of cryptocurrencies would also be a central pillar of this strategy.
A vast potential to unlock
By embracing this digital shift in a structured manner, Morocco can not only regulate the cryptocurrency market but also leverage it to stimulate economic growth. Haroun El Aouad believes that “with a clear vision and well-defined steps, the kingdom has what it takes to become a key player in the digital asset space.” Establishing partnerships with international technology firms could further accelerate this process, delivering significant benefits in terms of knowledge and technology transfer.
There is little doubt that the regulatory turn now being considered by Morocco could become the lever needed to foster the harmonious use of cryptocurrencies. With a clear strategy, gradual regulation and a robust legal framework, the kingdom could not only strengthen its economic position but also play a pioneering role in digital assets across Africa and beyond. If successfully implemented, this transformation could open up unprecedented opportunities for local businesses and contribute to the kingdom’s economic momentum.
Ultimately, the future of cryptocurrencies in Morocco hinges on the country’s ability to adopt a structured and progressive approach. By building on initiatives such as the e-dirham, the kingdom can lay a solid foundation for integrating digital assets while minimising risks. Education and public awareness, alongside the development of appropriate legislative frameworks, will be essential to ensure a smooth transition to a digital economy. If Morocco manages to navigate this complex landscape successfully, it has the potential to become a benchmark for cryptocurrency regulation and adoption opening new horizons for its economy and its citizens.
