Bank of Tanzania has begun the process of launching its own digital currency

At the central bank-organized 20th Conference of Financial Institutions (COFI), governor Florens Luoga has revealed that the Bank of Tanzania, the country’s central bank, has begun launching its digital currency.

Tanzania has begun preparations to launch its own central bank digital currency

“The Bank of Tanzania has already begun preparations to have its own CBDC to ensure that the country is not left behind the adoption of CBDCs,” he said.

As a result, the central bank is also looking to expand the capacity of its CBDC research and development team. Last month, Nigeria became the first African country to launch its CBDC called eNaira. eNaira complements the country’s physical currency and does not replace it. It was developed by fintech company Bitt, working with the Eastern Caribbean Central Bank for its digital currency.

The Bank of Tanzania remains cautious with cryptocurrencies and advises the public to be wary of investing in them as they are not legally authorized in the country.

As for Nigeria, earlier this year, the country’s central bank banned financial institutions from providing services to cryptocurrency exchanges. After the ban, peer-to-peer transactions are said to account for the majority of Nigerian crypto trading.

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