Scottsdale, Ari. – February 25, 2021 – Earlier this week, it was reported by both the Morocco World News and NASDAQ that Bank-Al-Maghrib, Morocco’s Central Bank, is forming an exploratory committee to deliberate whether the institution should launch a central bank digital currency. Significantly, only four years ago, the country banned cryptocurrencies.
“It isn’t so significant that yet another country is exploring the benefits of a CBDC, but, rather, the significance is in which country is doing the exploration,” explained Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. “Even the slightest consideration from Bank-Al-Maghrib marks a historic day for digital assets.”
The newly formed committee is said to be tasked with identifying the pros and cons, while remaining cautious due to the “speculative nature” of cryptocurrencies. This is in line with the country’s original critique that a lack of regulation created risk for consumers and investors.
“It’s worth noting that, despite the ban, Moroccans account for the fourth highest volume of trading in Bitcoin within the African continent, behind Kenya, Nigeria, and South Africa,” said Gardner. “A lot has changed in four years. A lot of bureaucrats were leery about the lack of regulatory oversight back then. Even now, many are still cautious. But, the power of cryptocurrencies is real, and they’re here to stay. Especially in Africa, digital currencies could radically change the lives of the unbanked. The fact that Bank-Al-Maghrib is even contemplating the benefits of digital assets — that’s something the whole world will be watching.”
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built a client list which includes NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“In addition to the raw power of digital currencies, the technology that powers blockchain-based solutions is something that region can’t afford to miss out on,” opined Gardner. “For example, blockchain-based authentication, especially when blended with artificial intelligence technologies, could be a gamechanger in authenticating malaria treatments. Using blockchain verification solutions, African governments could nearly eliminate counterfeit pharmaceuticals, which is a topic our company intends to continue to explore over the coming months and years.”
