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Tanzania moves closer to launching a CBDC – Emerging Markets Bitcoin News

Vladislav Sopov by Vladislav Sopov
May 12, 2022
in blog
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Tanzania moves closer to launching a CBDC – Emerging Markets Bitcoin News

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Tanzania is moving closer to launching a central bank digital currency (CBDC) that offers residents of the country a “safe alternative”, the central bank governor has said. However, no date for the launch of the digital currency has been given.

Growing interest in cryptocurrencies

According to Florens Luoga, the Governor of the Central Bank of Tanzania, his country is getting closer to launching a Central Bank Digital Currency (CBDC). Once launched, the CBDC is expected to counter growing interest in privately issued cryptocurrencies, according to a report.

In remarks made during an interview, Louga suggested that the Bank of Tanzania (BOT) is also preparing for the launch of a CBDC as it cannot ignore advancements in money technology. The governor claimed that BOT’s digital currency will provide users with a safer alternative to cryptocurrencies. He said:

It is important for us to provide a central bank digital currency as a safe alternative, as many people are affected by cryptocurrency speculators.

A global phenomenon

The governor added that the central bank has since sent officials to countries whose respective CBDCs have progressed. While many central banks have touted CBDCs as an alternative to cryptocurrencies, few have actually piloted their respective centralized assets. In Africa, only the Nigerian central bank has so far launched a CBDC, while a few others are still in the exploratory or research stage.

Meanwhile, when asked about the launch date of the Tanzanian digital currency, Luoga reportedly declined to say when that is likely to happen. He stressed, however, that the BOT cannot ignore this phenomenon.

“Almost around the world, central bank governors are currently in training and discussing how to achieve this,” Luoga explained.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.







Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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