The Central Bank of Tanzania prepares for CBDC to ensure that the country is not left behind – Emerging Markets Bitcoin News

The governor of the Bank of Tanzania, Florence Loga, said that the top banks have begun to prepare for the central bank’s digital currency. He said that the bank did this to ensure that Tanzania would not fall behind because other countries adopted digital currencies.

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A Bloomberg report stated that the Bank of Tanzania (BOT) has begun preparing its digital currency to ensure that the country will not lag behind other countries in adopting the central bank digital currency (CBDC).

The announcement is as follows report Zanzibar-Tanzania’s autonomous region off the coast of East Africa-is also keen on adopting digital currencies. BOT’s move was also confirmed by Governor Florens Luoga, which was also nearly a month after the Central Bank of Nigeria (CBN) became the first central bank on the African continent. emission A CBDC.

In explaining why BOT is now eager to launch its CBDC, Luojia was quoted as saying, emphasizing the importance of not being left behind. He said:

In order to ensure that our country will not lag behind in adopting the central bank digital currency, the Bank of Tanzania has begun to prepare its own CBDC.

Authorities want Tanzanians to be cautious

As previously reported by News, the Bank of Ghana is the only central bank in West Africa Said It will soon launch its CBDC.Other central banks such as the Reserve Bank of South Africa and the Bank of Namibia said they are still survey Possibility of starting CBDC.

Soon after taking office, Tanzanian President Samia Suruhu Hassan Ask The country’s central bank prepares for cryptocurrency.A few weeks after President Hassan’s speech, a BOT spokesperson comfirmed The bank is listening to the call and hinted that it may revoke the ban on cryptocurrencies.

However, although anti-encryption rhetoric seems to have relaxed, report The country’s authorities still want Tanzanians to be cautious when handling crypto-related investments.

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