IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v13y2025i3p124-d1693700.html
   My bibliography  Save this article

Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco

Author

Listed:
  • Soukaina Abdallah-Ou-Moussa

    (Faculty of Economics and Management, Ibn Tofail University, Kenitra B.P 242, Morocco)

  • Martin Wynn

    (School of Business, Computing and Social Sciences, University of Gloucestershire, Cheltenham GL50 2RH, UK)

  • Omar Kharbouch

    (Faculty of Economics and Management, Ibn Tofail University, Kenitra B.P 242, Morocco)

Abstract

Blockchain technology is being increasingly deployed to store and process transactions and information in the global financial sector. Blockchain underpins cryptocurrencies such as Bitcoin and facilitates decentralized finance (DeFi), representing a paradigm shift in the global financial landscape, offering alternative solutions to traditional banking, and fostering financial inclusion. In developing economies such as Morocco, where a significant portion of the population remains unbanked, these digital financial innovations present both opportunities and challenges. This study examines the potential role of cryptocurrencies and DeFi in enhancing financial inclusion in Morocco, where cryptocurrencies have been banned since 2017. However, the public continues to use cryptocurrencies, circumventing restrictions, and the Moroccan Central Bank is now preparing to introduce new regulations to legalize their use within the country. In this context, this article analyses the potential of cryptocurrencies to mitigate barriers such as high transaction costs, restricted access to financial services in rural areas, and limited financial literacy in the country. The study pursues a mixed-methods approach, which combines a quantitative survey with qualitative expert interviews and adapts the Unified Theory of Acceptance and Use of Technology (UTAUT) model to the Moroccan context. The findings reveal that while cryptocurrencies offer cost-efficient financial transactions and improved accessibility, their adoption may be constrained by regulatory uncertainty, security risks, and technological limitations. The novelty of the article thus lies in its focus on the key mechanisms that influence the adoption of cryptocurrencies and their potential impact in a specific national context. In so doing, the study highlights the need for a structured regulatory framework, investment in digital infrastructure, and targeted financial literacy initiatives to optimize the potential role of cryptocurrencies in progressing financial inclusion in Morocco. This underscores the need for integrated models and guidelines for policymakers, financial institutions, and technology providers to ensure the responsible introduction of cryptocurrencies in developing world environments.

Suggested Citation

  • Soukaina Abdallah-Ou-Moussa & Martin Wynn & Omar Kharbouch, 2025. "Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco," IJFS, MDPI, vol. 13(3), pages 1-25, July.
    • Handle: RePEc:gam:jijfss:v:13:y:2025:i:3:p:124-:d:1693700
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/13/3/124/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7072/13/3/124/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Asli Demirgüç-Kunt & Leora Klapper & Dorothe Singer & Saniya Ansar & Jake Hess, 2020. "The Global Findex Database 2017: Measuring Financial Inclusion and Opportunities to Expand Access to and Use of Financial Services," The World Bank Economic Review, World Bank, vol. 34(Supplemen), pages 2-8.
    2. Amal Dabbous & May Merhej Sayegh & Karine Aoun Barakat, 2022. "Understanding the adoption of cryptocurrencies for financial transactions within a high-risk context," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 23(4), pages 349-367, May.
    3. Dennis B. Desmond & David Lacey & Paul Salmon, 2019. "Evaluating cryptocurrency laundering as a complex socio-technical system," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 22(3), pages 480-497, July.
    4. Nchofoung, Tii N. & Asongu, Simplice A., 2022. "Effects of infrastructures on environmental quality contingent on trade openness and governance dynamics in Africa," Renewable Energy, Elsevier, vol. 189(C), pages 152-163.
    5. Andry Alamsyah & Gede Natha Wijaya Kusuma & Dian Puteri Ramadhani, 2024. "A Review on Decentralized Finance Ecosystems," Future Internet, MDPI, vol. 16(3), pages 1-29, February.
    6. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    7. Cheolho Yoon, 2011. "Theory of Planned Behavior and Ethics Theory in Digital Piracy: An Integrated Model," Journal of Business Ethics, Springer, vol. 100(3), pages 405-417, May.
    8. Dominik Metelski & Janusz Sobieraj, 2022. "Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations," IJFS, MDPI, vol. 10(4), pages 1-23, November.
    9. Désiré Kanga & Christine Oughton & Laurence Harris & Victor Murinde, 2022. "The diffusion of fintech, financial inclusion and income per capita," The European Journal of Finance, Taylor & Francis Journals, vol. 28(1), pages 108-136, January.
    10. Lai-Wan Wong & Garry Wei-Han Tan & Voon-Hsien Lee & Keng-Boon Ooi & Amrik Sohal, 2020. "Unearthing the determinants of Blockchain adoption in supply chain management," International Journal of Production Research, Taylor & Francis Journals, vol. 58(7), pages 2100-2123, April.
    11. Chen, Xia & Miraz, Mahadi Hasan & Gazi, Md. Abu Issa & Rahaman, Md. Atikur & Habib, Md. Mamun & Hossain, Abu Ishaque, 2022. "Factors affecting cryptocurrency adoption in digital business transactions: The mediating role of customer satisfaction," Technology in Society, Elsevier, vol. 70(C).
    12. Amrutha Muralidhar & Muralidhar Lakkanna, 2024. "Regulating Cryptocurrency and Decentralized Finance for an Inclusive Economy," Papers 2407.01532, arXiv.org.
    13. Rzayev, Khaladdin & Sakkas, Athanasios & Urquhart, Andrew, 2025. "An adoption model of cryptocurrencies," European Journal of Operational Research, Elsevier, vol. 323(1), pages 253-266.
    14. Yongsheng Guo & Ezaddin Yousef & Mirza Muhammad Naseer, 2025. "Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption," FinTech, MDPI, vol. 4(1), pages 1-19, January.
    15. Hasibul Islam & Masud Rana & Shimanto Saha & Taslima Khatun & Mustari Rahman Ritu & Md. Rashidul Islam, 2023. "Factors influencing the adoption of cryptocurrency in Bangladesh: an investigation using the technology acceptance model (TAM)," Technological Sustainability, Emerald Group Publishing Limited, vol. 2(4), pages 423-443, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Huidan Xu & Kun Song & Yichao Li & Martinson Ankrah Twumasi, 2023. "The Relationship between Financial Literacy and Income Structure of Rural Farm Households: Evidence from Jiangsu, China," Agriculture, MDPI, vol. 13(3), pages 1-15, March.
    2. Dao Ha & Phuong Le & Duc Khuong Nguyen, 2025. "Financial inclusion and fintech: a state-of-the-art systematic literature review," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-42, December.
    3. Luo, Lei, 2024. "Digital financial inclusion, educational attainment and household consumption," Finance Research Letters, Elsevier, vol. 68(C).
    4. Thabang E. Mofokeng & Steven Mbeya & Daniel K. Maduku, 2024. "Bitcoin adoption in online payments: examining consumer intentions and word-of-mouth recommendations," Future Business Journal, Springer, vol. 10(1), pages 1-30, December.
    5. Drăgan, George Bogdan & Ben Arfi, Wissal & Tiberius, Victor & Ammari, Aymen & Khvatova, Tatiana, 2025. "Navigating the green wave: Understanding behavioral antecedents of sustainable cryptocurrency investment," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    6. Luiz Antonio Joia & Joaquim Pedro Vasconcelos Cordeiro, 2021. "Unlocking the Potential of Fintechs for Financial Inclusion: A Delphi-Based Approach," Sustainability, MDPI, vol. 13(21), pages 1-19, October.
    7. Adugna, Hailu, 2024. "Fintech dividend: How would digital financial services impact income inequality across countries?," Technology in Society, Elsevier, vol. 77(C).
    8. AlSuwaidi, Reem Ahmed & Mertzanis, Charilaos, 2024. "Financial literacy and FinTech market growth around the world," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    9. Antonia Grohmann & Lukas Menkhoff, 2020. "The Relationship between Financial Literacy and Financial Inclusion," Discussion Papers of DIW Berlin 1914, DIW Berlin, German Institute for Economic Research.
    10. Muhammad Suhrab & Chen Pinglu & Ningyu Qian & Haqeer Khan, 2025. "Leveraging infrastructure and technological innovation for financial inclusion: pathways to achieving sustainable development goals in BRICS nations," SN Business & Economics, Springer, vol. 5(6), pages 1-35, June.
    11. Remy Oben & Fezile Özdamlı, 2024. "Decentralized Finance (DeFi): Benefits, Risks, and RiskMitigation Strategies," Istanbul Business Research, Istanbul University Business School, vol. 53(3), pages 455-475, December.
    12. Saeedi, Ali & Al-Fattal, Anas, 2025. "Examining trust in cryptocurrency investment: Insights from the structural equation modeling," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    13. Olayinka David-West & Oluwasola Oni & Folajimi Ashiru, 2022. "Diffusion of Innovations: Mobile Money Utility and Financial Inclusion in Nigeria. Insights from Agents and Unbanked Poor End Users," Information Systems Frontiers, Springer, vol. 24(6), pages 1753-1773, December.
    14. Insoo Cho & Peter F. Orazem, 2021. "How endogenous risk preferences and sample selection affect analysis of firm survival," Small Business Economics, Springer, vol. 56(4), pages 1309-1332, April.
    15. John Y. Campbell, 2016. "Restoring Rational Choice: The Challenge of Consumer Financial Regulation," American Economic Review, American Economic Association, vol. 106(5), pages 1-30, May.
    16. Bottazzi, Laura & Lusardi, Annamaria, 2021. "Stereotypes in financial literacy: Evidence from PISA," Journal of Corporate Finance, Elsevier, vol. 71(C).
    17. Goldfayn-Frank, Olga & Wohlfart, Johannes, 2018. "How do consumers adapt to a new environment in their economic forecasting? Evidence from the German reunification," IMFS Working Paper Series 129, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    18. Kovács Erzsébet & Vaskövi Ágnes, 2020. "Pension Pessimism in the Young Generation: Basics or Instincts to Blame?," Business Systems Research, Sciendo, vol. 11(2), pages 117-131, October.
    19. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    20. Wang, Binni & Wang, Pong & Tu, Yiliu, 2021. "Customer satisfaction service match and service quality-based blockchain cloud manufacturing," International Journal of Production Economics, Elsevier, vol. 240(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijfss:v:13:y:2025:i:3:p:124-:d:1693700. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.