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Tanzania Plans to Launch CBDC After eNaira Launch: Report

·1 min read

Tanzania is preparing to launch a digital form of its local currency, the Tanzanian shilling, the governor of the Bank of Tanzania said, according to a Bloomberg report.

  • The country will follow in Nigeria’s footsteps and launch its own digital currency, Governor Florens Luoga announced last Thursday.

  • Nigeria launched its eNaira in October this year, making it the first African country to issue its own digital money.

  • Luoga said the move to launch a central bank digital currency (CBDC) is to ensure that Tanzania is not left behind in CBDC adoption.

  • ”The Bank of Tanzania has already begun preparations to have its own CBDC,” Luoga reportedly said during a finance conference in Dodoma, the capital of Tanzania.

  • At the same event, Luoga said Tanzania remains wary of cryptocurrencies and advises the public to be cautious, according to Bloomberg.

  • In June, Tanzania President Samia Suluhu Hassan urged the central bank to prepare for the adoption of cryptocurrency.

Read more: Tanzania’s President Urges Central Bank to Prepare for Crypto

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