Tanzania has begun preparations to launch its own central bank digital currency


Bank of Tanzania, the country's central bank, has begun the process of launching its own digital currency.

Governor Florens Luoga reportedly revealed the news at the central bank-organized 20th Conference of Financial Institutions (COFI) on Thursday. He said, "the Bank of Tanzania has already begun preparations to have its own CBDC" to ensure that the country is not left behind the adoption of CBDCs.

To that end, the central bank is also looking to expand its CBDC research and development team capacity, said Luoga.

Last month, Nigeria became the first African nation to launch its own CBDC called eNaira. eNaira complements the country's physical currency and does not replace it. It was developed by the fintech firm Bitt, which is also working with the Eastern Caribbean Central Bank for its digital currency.

The Bank of Tanzania remains cautious of cryptocurrencies and continues to advise the public to be wary of investing in them as they are not legally authorized in the country.

As for Nigeria, earlier this year, the country's central bank banned financial institutions from providing services to crypto exchanges. Following the ban, peer-to-peer transactions reportedly account for the bulk of Nigeria's crypto trading activity.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

5 Steps to a Successful Crypto AML Program

As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like? 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post