Tanzania reportedly makes plans to launch CBDC
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,....
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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 […]
Tanzania is getting closer to launching a central bank digital currency (CBDC) which gives the country’s residents a “safe alternative,” the central bank governor has said. However, no date for the digital currency launch has been given. Growing Interest in Cryptocurrencies 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....
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....
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....
The ECCB has launched a regional central bank digital currency in partnership with Caribbean fintech outfit Bitt. The Eastern Caribbean Central Bank, the main financial institution of the Eastern Caribbean Currency Union, has launched DCash.The ECCB announced the launch of its CBDC for the region via a media event held on Wednesday.DCash is the digital version of the Eastern Caribbean dollar — the official currency of the eight countries in the union.However, as announced during the launch, DCash is only available in four of the currency union’s member states: Grenada, St. Kitts and Nevis,....