A new $106 million accelerator program will support blockchain startups in Morocco

The Hashgraph Association, the organization behind the proof-of-stake* platform based on Hedera public ledger technology, has partnered with telecommunications company Orange to launch an accelerator program to support blockchain startups in Morocco.

The announcement says that high-speed accelerator AGV will provide education, funding, and management support to help fintech and blockchain projects create an ecosystem in the country’s capital, Casablanca Hashgraph will allocate 100 million euros, or around $106. million, to drive adoption. of digital assets and decentralized finance (DeFi).

Commenting on this collaboration, Kamal Yousefi, President of the Hashgraph Association, said that the association’s partnership with Orange is aimed at promoting the use of distributed ledger technology (DLT), adding:

Under the partnership agreement, the two organizations will also jointly provide funds for government projects, academic institutions, and for the application and development of distributed ledger technology, blockchain, and other fintech solutions. In addition, the accelerator program will produce curriculum models based on educational needs, where education will be hands-on and include virtual or face-to-face seminars and workshops, as well as vocational training, mentoring, e-learning, webinars, and blended learning. learning programs.

Distributed Ledger Technology (DLT) is defined as the technological infrastructure and protocols that allow simultaneous access, validation, and updating of records in a networked database, and is the technology on which blockchain technology is built.

The initiative will also provide global exchange programs, which can be combined with other career development programs, to encourage cooperation between startups and projects participating in the program.

Cryptocurrency adoption in Morocco

According to the latest research paper from the Moroccan Institute for Policy Analysis (MIPA), the North African country “has lately taken a clear stance” on the cryptocurrency industry, with initial indications of the government’s stance on the matter when it published a memo in 2017 banning the assets and reiterated that’s in 2021. MIPA stated:

A country is sent [المغرب] Mixed messages on the use of Bitcoin, cryptocurrencies and blockchain technology, preferring to focus on the latter and, in the meantime, waiting for clearer international legal frameworks to be issued before taking any regulatory measures for the use of assets within the Moroccan economy.”

As Cointelegraph reported, the governor of the Central Bank of Morocco said that a draft of an adequate regulatory framework for digital currencies has been prepared, demonstrating the intention to regulate the cryptocurrency industry and the underlying technology of crypto assets, the chain of blocks.

Although cryptocurrency transfers are prohibited in Morocco, interest in the asset continues to rise as the country has become the fastest growing cryptocurrency market in North Africa, with Morocco registering more than 1.15 million. cryptocurrency holders.

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