MEDI1TV Afrique : Focus sur la cryptomonnaie au Maroc - 29/11/2024
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00:00Good evening, ladies and gentlemen, and welcome to Questions d'Actu, Crypto-Currency.
00:18Tonight's topic is the determination of the Kingdom of Morocco to frame crypto-currencies.
00:27We are working actively on a bill to frame crypto-assets.
00:33We are not just aiming at a crypto-currency adhesion,
00:36but an adaptation of traditional systems via tokenization.
00:41It is about digitizing classic currencies such as the dirham.
00:45These virtual currencies could then be used in digital payment systems
00:49without depending on decentralized crypto-currencies.
00:52Mr. Badr Laleij, you are an expert in crypto-currencies and blockchain.
01:00Thank you for being with us.
01:01Thank you for the invitation.
01:03Mr. Erdouan Elheloui, you are the President of the Moroccan Federation of Technologies,
01:11Information, Telecommunications and Offshoring.
01:14Thank you for accepting our invitation.
01:17Hello, thank you.
01:19So, Mr. Belage, we are going to start with a little bit of pedagogy
01:25and explain what a crypto-asset is.
01:28A crypto-asset, or even crypto-currency,
01:31is normally currencies such as bitcoin, which are decentralized currencies,
01:36that is, currencies that are managed by networks
01:39where there are participants all over the world.
01:41There is no authority behind it, there are no banks,
01:44there are no central entities behind it.
01:46These are schemes that are built by communities
01:49and it is these networks that manage this currency,
01:52whether to validate transactions, to ensure sales, etc.
01:57So, instead of having a centralized bank or a centralized central bank that manages the currency,
02:02we have an alternative where we have a network,
02:05that is, we go from a central entity like a central bank
02:08to a network that will play the role of this bank,
02:11which will manage and generate this currency in a collective way.
02:14Of course, respecting the technological protocols that this network manages.
02:19And the innovation behind it is that, for the first time,
02:23through technological tools and technological solutions,
02:26we were able to create this decentralized scheme that ensures trust.
02:31That is, instead of trusting a central entity to manage this currency,
02:34through technological breakthroughs,
02:37we were able to carry out this management and, of course,
02:41this monetary creation through a distributed network where we have this currency.
02:46We say asset because, of course, this currency was initiated as a cash.
02:51For example, Bitcoin, the definition is electronic cash system.
02:54It is an electronic cash system, it is a currency,
02:57but since it has been widely used in the markets and traded in the markets,
03:02there is a perception that it is similar to a financial asset, hence the term asset.
03:07Because there are some who consider these cryptocurrencies as currencies
03:12and there are others who consider them as assets
03:15because they see them as assets that are traded in the markets.
03:18A network, therefore, today, independent, decentralized.
03:21Mr. El-Haloui, Morocco is now in the 27th place in the world of Bitcoin users.
03:29According to a report of 1.14 million Moroccan users in 2022.
03:39Can we say today that this digital currency culture is settling in Morocco
03:44and taking up more and more space?
03:48As you said, it is already in place.
03:51The fact that we are well positioned,
03:56but that there is no regulation that authorizes it.
04:02In 2017, Biopac banned the use of Bitcoin trading.
04:10And so, indeed, we are in a situation that is quite paradoxical.
04:15On the one hand, a population that uses it,
04:21which is customary.
04:23Not the entire population, but still more than a million people.
04:28And on the other hand, that there is an absence of regulation,
04:33I would even say a ban.
04:37We also see that there is an evolution on the issue in today's news.
04:45I think this is really an opportunity to look at it seriously
04:50in view of the political and economic news that we are experiencing today.
04:57You are talking about regulation.
05:00It is the challenge today, at the global level,
05:04to be able to regulate this market, that of digital currencies.
05:09How is Morocco doing today, Mr. Belhage?
05:12Morocco chose in 2017 to follow a defensive strategy
05:19and of course to choose, in some way,
05:22or to make the easiest choice,
05:25is to say that it is forbidden to enforce laws in force.
05:28Already to clarify the situation,
05:29in Morocco there is no text that prohibits the use of cryptocurrencies
05:34because they are not recognized by the law.
05:36Instead, what we have is that we have interpretations of existing laws,
05:41such as those of the exchange office,
05:44and therefore we say that these cryptocurrencies are an infringement of these laws.
05:48Hence the ban or the prohibition,
05:50or even the declaration of the Bank of Morocco and the other institutions.
05:54So that's the situation.
05:55That is to say, we have a legal vacuum that manages this currency or this type of currency.
06:00A vacuum that should disappear in view of the fact that we are currently working on a text.
06:05We are faced with a reality,
06:06and the reality is that Moroccans are users of cryptocurrencies,
06:10especially young people,
06:11because young people are people who do not expect a green light from anyone,
06:15whether it is a central bank or others.
06:17So these people see that the cryptocurrency,
06:19and already these are people who are very technophiles,
06:21so they see that the cryptocurrency is a very important asset to have,
06:25whether it is an investment vector, whether it is a means of payment.
06:28So the idea is that we currently have a legal vacuum.
06:31We missed the opportunity in 2017 to position ourselves as a country on the cryptocurrency,
06:37because the cryptocurrency is not just trading, it is not just speculation,
06:41it is downright an ecosystem.
06:43We have seen other countries such as the United Emirates or others, for example,
06:48who have positioned themselves on this industry to create a local ecosystem
06:53that has seen companies or start-ups that have of course succeeded.
07:00So the idea is that we are talking about regulation, which is currently absent,
07:04and we hope to have one that is positive,
07:06not just to allow people to speculate, but it is more than that,
07:09it is to create an ecosystem.
07:11We are at the dawn of a new financial world,
07:14and we are being marginalized.
07:17We would like to catch up because we have our first partner, which is Europe,
07:22and it regulated things last year with the MICA regulation.
07:26And we also have the United States, which is currently positioning itself.
07:30So we don't really have a choice.
07:32Either regulate things and position ourselves,
07:34so we must have not only regulation, for me it is a question of the past.
07:38It is a question of positioning for you?
07:40Of course, it is just the first step for a positioning strategy.
07:45So we must of course create or implement a national strategy
07:50to position ourselves not only on crypto,
07:53but on what we call decentralized finance in the broad sense.
07:58That is to say, we have opportunities that are ahead of us.
08:03We must not miss them.
08:04You only mentioned 1 million users,
08:07I can easily say that it is more than that.
08:10Because the most reliable report, which is that of Chain Analysis,
08:14which mentioned that last year and this year,
08:17the Moroccans made exchanges where we had a crypto currency flow of 12.7 billion dollars.
08:23It is a huge number.
08:25So the Moroccans are very cryptophilic, I will say.
08:28And so the regulation, we saw that it is something useless,
08:32which is insufficient.
08:34Even with this ban or this ban, we saw that it only makes you grow.
08:38So it is better to correct the shot and say,
08:41here we are going to allow this industry to be born.
08:45Rather than explain it, I repeat, to create this Moroccan ecosystem
08:49and the State will be the first winner.
08:51To create this ecosystem, you say it, you think about it,
08:54in any case, the demand is there.
08:57But when we see other reports, I'm not talking about crypto currency,
09:03but banking in general,
09:06Moroccans who still use too much cash,
09:09who have trouble banking.
09:11Mr. Haloui, do you think that today the Moroccans are ready
09:15for the use of crypto currency?
09:18In fact, I think we are talking about several types of populations.
09:22We are still in a country where there are citizens,
09:28there are employees, there are entrepreneurs and investors.
09:32And so, what Madame says,
09:36especially these technophiles, these people who do trading,
09:41they do it in a framework of interest on this value,
09:50this new form of value.
09:54Because when we see that Bitcoin has reached 100,000 dollars,
09:59well, which is close to 100,000 dollars,
10:02we can clearly see that there is an interest in trading,
10:06speculation, gain, by the way.
10:09But let's not forget that, as you said,
10:13we have a system where today,
10:17I don't know if you realize,
10:19but asking a young person to create a mobile application,
10:24to put it on Play Store or App Store,
10:27we are not able today,
10:29the Moroccan,
10:30to be able to buy applications on Play Store or App Store
10:34if we are not already going to ask his bank
10:39for a credit card
10:43to be able to use his grant,
10:46which today is 15,000 dirhams.
10:48So, already in the classic mechanism,
10:52there are already constraints,
10:54even before you start seeing the constraints.
10:57So, what would be the priority axes today
11:01to take into consideration
11:03to regulate this cryptocurrency market in Morocco
11:06in the Moroccan context?
11:11It is important to understand the global context.
11:16The exchange office,
11:19its objective is to manage the reserves of currencies.
11:26Our dirhams are not exported when we go abroad.
11:30We can't buy,
11:32we have to convert before each trip
11:36our dirhams in currencies,
11:38either in euros generally or in dollars,
11:41and then other currencies that are also used internationally.
11:46And so, its role is to be able to manage these reserves,
11:53which are vital for the functioning of the country.
11:57At the same time,
11:58today we find ourselves with two financial mechanisms.
12:02As Badal said,
12:03there is this cryptocurrency mechanism
12:06where today in this world of cryptocurrency,
12:10we are able to go through these systems
12:13to buy, to trade.
12:16And at the same time,
12:18we have the classic mechanisms,
12:21the credit card,
12:22the Mastercard,
12:23the Visa,
12:24and then the currency.
12:25These are two worlds today
12:27that are not yet fully connected.
12:30We go through stablecoins,
12:32there are USDC or USDT stablecoins,
12:35which our expert knows very well.
12:38But is it that,
12:40finally,
12:41for another country,
12:43another country that has a concern
12:46for the management of its reserve of currencies,
12:49shouldn't we take advantage
12:52of our expertise,
12:55of our experience,
12:57of the management of the reserve of currencies?
13:00European countries or countries in the United States
13:04don't have this mechanism,
13:05because their currency is exported.
13:07And so, maybe,
13:08put in place mechanisms
13:11that will allow to attract investors,
13:14to attract investors with their cryptocurrency,
13:17to invest in our country,
13:19to be able to go through
13:22currency conversion pathways.
13:25And so there,
13:26what Zebada said,
13:27especially with the MICA,
13:28we could define partnerships
13:31between Morocco and Europe,
13:33so that these investors
13:35can both come and invest in the country,
13:38in sites that are important,
13:43whether in the digital or in any other sector,
13:46tourism or others,
13:47and to be able to generate currency,
13:50and to be able to increase
13:53our reserve of currencies.
13:55I think we need to see things
13:57in this way.
13:58Our expertise and our experience,
14:01because we Moroccans,
14:02we are used to,
14:04I would say,
14:07to this notion of reserve of currencies,
14:09to make this conversion,
14:10which is not necessarily the case
14:12in other countries.
14:13And so,
14:14interconnecting the two systems,
14:16the cryptocurrency systems
14:17and our reserve of currency management systems,
14:20to increase our reserve of currencies
14:22in our country.
14:23And so,
14:24to make it a force, in the end.
14:25Interconnecting these two systems
14:27to make it a force,
14:29to also take advantage of our expertise,
14:31as you explained so well,
14:33to put in place mechanisms,
14:34in particular,
14:35to attract more and more investors
14:37and boost a little bit
14:39this digital currency in Morocco.
14:41Mr. Lalège,
14:43when we talk about adapting
14:45traditional systems
14:47via tokenization,
14:49a little more pedagogy,
14:51explain to us what this is about.
14:53We are going to start on a new world,
14:55which is tokenization.
14:56We are going to go to the other world.
14:57Go ahead.
14:58Because, as I said earlier,
15:00when we talk about cryptocurrency,
15:02cryptocurrency is just a piece in a puzzle.
15:05We must not understand that cryptocurrency
15:07is equal to speculation.
15:08Cryptocurrency is,
15:09currently, a finance
15:11based on this tool,
15:13which is decentralized finance.
15:16And one of these phases
15:19is tokenization.
15:20Currently,
15:21what is tokenization?
15:23It is to transform real assets
15:26and digitize them
15:28on supports,
15:30whether they are crypto-currency networks
15:32or whether they are networks
15:33called blockchain.
15:34That is,
15:35we are going to borrow the technology
15:38that is used by these crypto-currencies
15:40to somehow convey
15:42a digital format
15:45that represents a real object.
15:47Let me explain.
15:48For example,
15:49we can tokenize securities,
15:52that is to say,
15:53stock exchanges,
15:54to allow them to be quickly sold
15:57and bought,
15:58to make the denouement.
15:59Because the underlying technology
16:00allows us to ensure trust
16:02between a set of players.
16:04So it's a conversion
16:05to digital currency that's being done?
16:07Not necessarily,
16:08but it's just using the same operating mode.
16:11Because what is crypto-currency?
16:13It is a value transfer
16:15on a distributed network.
16:16So here we are going to transfer
16:18a digital representation
16:20of a real object
16:21without necessarily using a crypto-currency.
16:23And this transferability
16:25is managed by this distributed network
16:27without having to call an intermediary
16:30because these are networks
16:31that ensure trust
16:32and digitize trust itself.
16:35The idea is to use the same mechanisms
16:37to convey and transfer
16:39the property of a real asset.
16:41This is what we currently call tokenization.
16:43It's a trend
16:45in the crypto-currency scene in general.
16:49And just to give you an overview,
16:52if you know BlackRock,
16:53which is the largest fund manager
16:58in the international scene,
16:59BlackRock is something very well known.
17:02They invest massively in tokenization.
17:04They have already tokenized
17:05the American treasury bonds.
17:07That is, to take a treasury bond,
17:09to create a digital entity,
17:11a digital gem that represents this title,
17:14and to put it on the blockchain network
17:16which, in parallel, manages a crypto-currency.
17:19What is the potential for Morocco today in this regard?
17:22So tokenization is financial innovation.
17:26And of course, Morocco can make a profit
17:28to solve a lot of problems here
17:30at the national level.
17:32First of all, it's to create a more efficient finance.
17:37Because, for example, in a tokenized world,
17:40we can do both the sale and the purchase
17:42and the denomination instantly.
17:45On the other hand, currently,
17:46you have, I think, G2 or something like that.
17:49That is, there is a delay in the classical financial world
17:51because we need a chain of validation,
17:54confirmation and verification
17:56because they are sequential systems.
17:58Securized?
17:59Sequential systems, but are they also secure?
18:02It is this need to secure things
18:05that requires a lot of effort and a lot of time.
18:07On the other hand, when we go on a blockchain,
18:09security and trust are ensured by office.
18:12So we can quickly accelerate existing processes.
18:17For example, as I said,
18:18a title can be digitized,
18:21put on a blockchain,
18:22and quickly bought, sold, etc.
18:25So the idea is that, I reiterate,
18:27cryptocurrency is not just for speculation.
18:29It's one of the aspects, but it's more than that.
18:32We must see the broader picture,
18:34which is the world of decentralized finance as a whole,
18:38which, as Serdou said,
18:39there are stablecoins, there is DeFi,
18:43there is tokenization and others.
18:45So it's not just cryptocurrency.
18:46I'll give you one last example to close.
18:50Know that currently, in decentralized finance,
18:53there is the possibility of going to a decentralized platform
18:56and asking for a credit without providing any proof
19:00or any identification,
19:02without even giving a collateral.
19:04These are things that have been allowed by technology.
19:09But how to avoid the risks associated with cryptocurrencies?
19:13In what context?
19:18To secure any transaction,
19:20that it is transparent, traceable.
19:22Because the most traceable technology,
19:25the most reliable, the most auditable,
19:27is cryptocurrency and the underlying technology,
19:30which is the blockchain.
19:31Currently, I can know the life cycle of a bitcoin
19:34from 2009 until now.
19:36Which is not possible in the classic system,
19:38whatever its nature.
19:39That is to say, transparency is ultimate.
19:43So a much more reliable financial system
19:45than we might think.
19:46Exactly.
19:47Except that the problem,
19:49where we have the problem,
19:50is that its nature is decentralized.
19:52So it is difficult to accept it
19:54in an economy like ours,
19:56or even global,
19:57which is built on a centralized model of intermediation.
20:00So that's why we are so late in adopting it.
20:03To come back to regulation,
20:05with you, Mr. Haloui,
20:07what are the specific challenges
20:09that arise today
20:11in terms of coordination between
20:13national and international regulation?
20:18In such a way that the regulation
20:21as it will be established in Morocco
20:23can be in accordance with that of other countries?
20:28So, to put it this way,
20:31we are on two completely distinct systems.
20:34A centralized system
20:38and a decentralized system.
20:40And today, I would say,
20:42our entire economic model,
20:45our way of making transactions,
20:48of buying,
20:50B2B or B2C,
20:52is based on this model,
20:54on this centralized model.
20:56So, I would say,
20:58trying to transform everything
21:00in one shot,
21:02it will be very, very complicated,
21:03or even impossible.
21:04Now, I think,
21:06it would be more about cohabitation.
21:08The cohabitation of the two systems
21:11to also,
21:13because here,
21:15for us, I would say,
21:17it is natural,
21:19but for people who have never
21:21known or do not know
21:23what a cryptocurrency is,
21:25it is difficult, I would say,
21:27to understand.
21:29So, it is important that,
21:31first of all,
21:33there are partnership agreements.
21:35There is the MECA,
21:37as I said,
21:39which is a European regulation.
21:41You have to be inspired by it,
21:43strongly.
21:45Create partnerships
21:47with Europe,
21:49especially by setting up bridges.
21:51You also have to see
21:53the interest, the stake,
21:55I would say,
21:57of this financial system,
21:59of this cryptocurrency.
22:01The first interest,
22:03as I said earlier,
22:05is to attract new investors.
22:07There are some countries,
22:09a whole country,
22:11has even invested,
22:13I would say, a whole reserve of bitcoins,
22:15a whole reserve,
22:17but it has about 5,000 bitcoins,
22:19it seems to me,
22:21and it has made, I would say,
22:23an appreciation, somewhere,
22:25so that these investors
22:27can come to this country.
22:29So, I think the first thing
22:31is how to set up
22:33a regulation
22:35to attract these investors.
22:37We have companies in digital,
22:39which could raise funds
22:41more easily, perhaps,
22:43with these mechanisms.
22:45So, we could attract
22:47tourists
22:49who don't want to pay
22:51in classic currency,
22:53they have cryptocurrency,
22:55it could increase even more
22:57the attractiveness
22:59at the level of the tourist world.
23:01And all this, indirectly,
23:03we would develop even more,
23:05we would increase our reserve in currency.
23:07It's important to have
23:09an objective. What do we want to do?
23:11Attract investors?
23:13Why attract investors?
23:15To increase our reserve in currency?
23:17And how? How to manage the risk too?
23:19Create partnerships?
23:21Inspired by the AMICA,
23:23or even by the modern
23:25American regulatory system?
23:27To be more open,
23:29but of course putting more control,
23:31because it's quite volatile,
23:33it's important
23:35to create
23:37a climate of trust
23:39to effectively, I would say,
23:41manage these mechanisms
23:43in a progressive way,
23:45and not all at once.
23:47So, create a new ecosystem
23:49and, precisely, what perspective
23:51of development, Mr. Lalège,
23:53of an ecosystem that is local,
23:55of startups specialized
23:57in these blockchain technologies
23:59to, precisely,
24:01be able to develop more
24:03these digital currencies in Morocco?
24:05So, as Serdoin said,
24:07one of the advantages
24:09of this world is that
24:11a project owner
24:13or a young person who wants to start
24:15his startup can raise funds quickly
24:17and easily in this world.
24:19Because there are not all these chains
24:21or all these dams to raise funds.
24:23You can quickly raise funds
24:25to create. There are no prerequisites
24:27for investment, etc.
24:29These are digital electronic systems.
24:31And already, to add a point,
24:33the type of investors
24:35we can have are investors
24:37who will cost us nothing, zero.
24:39It's not like an investor to whom I have to
24:41create a branch area, etc.
24:43These are multi-billion companies
24:45that can enter the next day
24:47if they find that the ecosystem
24:49is conducive.
24:51And we are in contact
24:53with quite a few of them. That is to say,
24:55there is this desire to enter the Moroccan market
24:57as a promoter and more than that
24:59because it can play the role of a platform
25:01for all of Africa. Africa is the current crypto market.
25:03With a Moroccan crypto ecosystem,
25:05we will all be winners.
25:07We will be winners by creating jobs
25:09with companies that can
25:11emerge quickly in this segment.
25:13We are talking, for example, in Morocco
25:15Digital 2030, about having two unicorns.
25:17I say it easily.
25:19If we had favorable regulation,
25:21we could have reached,
25:23for example, the goal of a unicorn
25:25or a gazelle quickly in the crypto world
25:27because the strength of growth
25:29in a crypto world
25:31is exponential compared
25:33to the classical world.
25:35It is to serve the youth
25:37to create companies.
25:39That is the first.
25:41Second, the state itself
25:43will benefit
25:45because it is a field
25:47in which there will be local and international investments.
25:49It will benefit
25:51from taxes.
25:53And the third point
25:55is that with a synergy
25:57or I will even say
25:59with the cryptocurrency activity,
26:01if we are even going to hold
26:03cryptocurrencies, it will be ideal
26:05because cryptocurrencies have some kind of
26:07as Trump says,
26:09I will one day pay the American debt
26:11with crypto.
26:13Thank you, Mr. Abadra Bella.
26:15I remind you that you are an expert
26:17in cryptocurrency, in blockchain.
26:19It was a pleasure to have you with us tonight.
26:21And also, Mr. Edouard Nhaloui,
26:23you are president of the APEBI,
26:25the Moroccan Federation of Information
26:27Technologies, Telecommunications
26:29and Offshoring.
26:31It was a pleasure to have you with us tonight.
26:35This is the end of the news
26:37for tonight. Thank you for your fidelity.
26:39See you tomorrow
26:41for a new issue.