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Morocco Employs Blockchain Solution To Make Financial Services More Accessible

By Shannon Wilson | November 25, 2019

Morocco is planning to utilize blockchain-powered implementations, in an attempt to wide the access to financial services of the country’s financial industry.

Specifically, during his speech at the Africa Blockchain Summit, organization in Rabat – Morocco’s capital city – Abdellatif Jouahri, governor of the nation’s central bank, revealed that blockchain has been chosen for a viable solution, in an attempt to make the financial sector increasingly accessible. 

The blockchain integration, as well as fintech, is the next strategic move from the Morocco authority in its financial inclusion plan, which primarily focused on underserved Morrocans. 

Jouahri further explained that the fintech and blockchain integration are expected to help the country meet its target, providing establishments and individuals “a fair access to formal financial products and services […] in order to promote economic and social inclusion.”

“Blockchain is by far the most disruptive technology of this decade.”

Particularly, Morocco central bank looks to roll out different versions with reduced cost, primarily targeting underserved customers, as well as coming up with favorable terms for non-cash transactions and settlement, regarding financial services. 

Morocco has been checking out the prospects of decentralized ledger technologies lately. A project in spring this year with numerous big names to introduce Quartz blockchain-based cross-border securities settlement tool. 

In September 2018, the country partnered with US-based Bitcoin (BTC) mining firm Soluna, in an effort to set up a 36-megawatt crypto mining facility.

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