Tanzania is getting closer to creating a CBDC

Tanzania is getting closer to creating a CBDC
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Tanzania is getting closer to creating a CBDC

Tanzania is getting closer to creating a central bank digital currency (CBDC), which will provide residents with a "secure alternative."

05/12/2022

Tanzania is getting closer to creating a central bank digital currency (CBDC), which will provide residents with a “secure alternative,” according to the central bank governor. However, no date for the launch of the digital currency has been set.

Strong Demand in Cryptocurrencies

According to Tanzania’s central bank governor, Florens Luoga, his country is getting closer to launching a central bank digital currency (CBDC). According to a report, the CBDC is expected to fight the growing demand for privately issued cryptocurrencies.

During an interview, Louga stated that the Bank of Tanzania (BOT) is likewise preparing to introduce a CBDC since it cannot disregard technological changes in money. The governor said that BOT’s digital money provides users with a safer alternative to cryptocurrencies. He stated:

“It’s critical for us to provide a central bank digital currency as a safe alternative because cryptocurrency speculators affect many people.”

A Global Phenomenon

The governor went on to say that the central bank has since dispatched personnel to nations where CBDCs have advanced. While many central banks have promoted CBDCs as a cryptocurrency alternative, few have actually launched their respective centralized assets. Only the Nigerian central bank has launched a CBDC so far in Africa, with a few others in the exploratory or research stages.

Meanwhile, when asked about the expected launch date of Tanzania’s digital money, Luoga reportedly declined to say. He did emphasize, however, that the BOT cannot ignore this phenomenon.

“Almost everywhere, central bank governors are currently training and discussing how to make it about,” Luoga contended.

By Elah Mae Ariate Wozinga Staff

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