Report: Tanzania Closer to Launching a CBDC


According to Florens Luoga, the governor of Tanzania’s central bank, his country is inching closer to the launch of a central bank digital currency (CBDC). When launched, the CBDC is expected to counter the growing interest in privately issued cryptocurrencies, a report has said.

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

It’s important for us to provide a central bank digital currency as a safe alternative because many people are being 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 at the exploratory or research stages.

Meanwhile, when asked about the launch date of Tanzania’s digital currency, Luoga reportedly declined to state when this is likely to happen. He did, however, emphasize that the BOT cannot ignore this phenomenon.

“Almost worldwide, central bank governors are in training right now and holding discussions on how to bring it about,” Luoga argued.


Please enter your comment!
Please enter your name here

Latest Updates

More like this

Which is the best EU Cookie Law WordPress Plugin?

Honestly, it is difficult to find out the perfect...

ITZY show off their obsession for their lover in the preppy and sparkling MV for ‘LOCO’

ITZY released a spoiler video for their first full-length...

The Crown | 5 Things You Should NEVER Say To The Queen

Ever wondered how you should behave if you meet...

Rhea Sharma, Shrenu Parikh, And Surbhi Chandna Look Super-Hot In This Indian Avatar

These actresses Surbhi Chandna, Rhea Sharma, and Shrenu Parikh...

You cannot copy content of this page