Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets
Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets. The officials agreed that more discussions still need to be carried out before a final decision is made. Interoperability of CBDCs Just under a year after the Tanzanian President Samia Suluhu Hassan asked the country’s finance chiefs to prepare for cryptocurrencies, officials from the country’s financial sector are now calling for a clearer global stance towards central bank digital currencies (CBDC) and....
Related News
Tanzania has reportedly started exploring a Central Bank Digital Currency (CBDC). The country is following the footsteps of Nigeria, which launched its own digital currency last month. Other African countries have similarly announced plans to launch CBDCs. Tanzania Explores CBDC According to a Bloomberg report on Friday, Bank of Tanzania Governor Florens Luoga announced the […]
While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’s willingness to heed the government’s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies.
Economists: Tanzania an Unsuitable Candidate
In their views, published by the Citizen following the BOT’s latest update, Tanzania’s cryptocurrency opponents argue that a lack of resources makes it “difficult to participate in worldwide trade.”
For instance, the Citizen....
In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on the country’s finance chiefs to prepare for cryptocurrencies. BOT Move Commended In a speech delivered shortly after El Salvador made bitcoin legal, President Hassan pointed to the inevitability of cryptocurrencies. However, as one report explains, the central bank spokesperson did not reveal....
The central bank has “already begun preparations” for a digital shilling, according to Bank of Tanzania Governor Florens Luoga. The Bank of Tanzania is reportedly planning to introduce a central bank digital currency, or CBDC, for the African nation after neighboring countries announced similar initiatives.According to a Friday Bloomberg report, Bank of Tanzania Governor Florens Luoga said on Thursday that Tanzania was planning to follow Nigeria’s example in rolling out its own CBDC. Luoga reportedly said that the central bank had “already begun preparations” for a digital shilling,....
Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is not left behind as other countries adopt digital currencies.
Keeping Abreast With Developments on the Continent
The Bank of Tanzania (BOT) has started preparations for its digital currency to ensure the country is not left behind others in adopting central bank digital currencies (CBDC), a Bloomberg report has said.
The announcement follows reports that Zanzibar — an....