Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind – Emerging Markets Bitcoin News

Florens Luoga (the governor of Bank of Tanzania) said that preparations have been started by the apex bank for the creation of a digital currency central bank. This was done to prevent Tanzania from being left behind in the digital currency adoptions of other countries, said Florens Luoga.

Keep up to date with developments on the continent

According to a Bloomberg report, the Bank of Tanzania (BOT), has begun preparations for its digital currency in order not to be left behind when it adopts central bank digital currencies.

The announcement follows reports that Zanzibar — an autonomous Tanzanian region off the coast of East Africa — is also keen on adopting digital currencies. Florens Luoga confirmed the BOT’s move. This comes nearly a month after CBN, the Central Bank of Nigeria, launched a CBDC.

Luoga is quoted as explaining why the BOT wants to launch its CBDC.

Bank of Tanzania began preparations to establish its own CBDC in order not be left behind when it comes time for central bank digital currencies.

Authorities want Tanzanians not to be too sceptical

Bitcoin.com News previously reported that only the Bank of Ghana, a West African central banking institution, said it was close to launching a CBDC. The Bank of Namibia and South African Reserve Bank have also indicated that they continue to investigate the possibility of launching CBDCs.

Shortly after taking over the presidency, Tanzanian President Samia Suluhu Hassan asked the country’s central bank to prepare for cryptocurrencies. A few weeks after President Hassan’s speech, a spokesperson for BOT confirmed the bank was heeding the call and hinted at a possible reversal of a ban on cryptocurrencies.

However, authorities have not allowed their anti-crypto rhetoric to relax. A report stated that Tanzanian authorities still expect caution when it comes to crypto-related investments.

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