Abdellatif Jouahri0:06
Obviously, among the paradigm shifts I just mentioned, digital and digitalization, I would say, you asked me the question for banks, I would tell you that it even touches the central bank. We are talking about central bank digital currency. And so we must tackle this problem in a major way.
We have issued a directive for the banking system regarding digitalization, preparation for digitalization, and the introduction, I would say, within the financial system, of this transformation at the level of banks.
The problem is that things are moving very fast because we talked about digitalization, and now we are talking about artificial intelligence. And so that too is something that is being put in place.
But while it brings many things in terms of innovation, notably in work processes and in the relationship with clients, we have done a lot. First, we have put in place new players; it's no longer just banks alone. We have put in place payment institutions. Payment institutions with, obviously, account ceilings within which they can intervene. All this for the benefit of small and medium savings. We are, moreover, currently reviewing these ceilings a bit.
We have opened the way for remote account opening. And there too, while respecting all the KYC rules, so that everything related to protection against money laundering and terrorist financing is respected. That everything concerning the protection of personal data is respected.
But we have worked, notably with the General Directorate of National Security, to have a trusted third party that can precisely authenticate and facilitate these remote openings. We have put in place, I would say, new products. We have passed the law on crowdfunding. We have already issued the first approvals, approval for donations, approval for loans, which are now starting to work.
We have put in place fintechs, and above all, we have created a hub, I would say, as a central bank, that can unite and coordinate all the players, including the ministerial department for digital transition, which is called the MFC, the Moroccan Fintech Center. And it has started working. The central bank itself has endowed it with an initial 10 million dollars, and we did this to be able to support fintechs from start to finish.
Also, to go further, we have, in a cross-cutting way since 2013, put in place a Moroccan financial education foundation that contributes precisely to populations that are, I would say, disadvantaged in terms of access to financial services.
We have put in place guides, we have put in place capsules in Arabic, in Berber, in French, in English, so that we can reach the widest population in this area. So you see that in terms of digitalization, we have taken many measures.
But now, on the other hand, what we cannot forget, and I will say it very quickly so as not to be long, is central bank digital currency and crypto-assets. We have just finalized a draft law on crypto-assets with the assistance of the World Bank and the International Monetary Fund, taking into account everything that has been said and done globally, including the latest G20 recommendations in this area, and while listening to what the US administration has just proposed regarding stablecoins, notably putting them at the level of central bank reserves.
And we have just finalized a draft law which is now in the implementation phase through both governmental and parliamentary mechanisms, so that assets are better regulated, without hindering innovation, but on the other hand, without forgetting the risks. And in this regard, the fundamental problem is cybersecurity.
And there too, we have been very, very vigilant with the banking system regarding cybersecurity, in relation with the hub at the governmental level that follows the cybersecurity issue, which is the National Defense Administration. And we, as a central bank, play the interface between the National Defense Administration and the banking system, including with the other regulators of the financial system. Yeah.
