Tanzania Is Introducing a CBDC in Response to the Country’s Growing Popularity of Cryptocurrencies

Tanzania is about to launch a central bank digital currency (CBDC) to help counter the growing popularity of cryptocurrencies in the country.

Bank of Tanzania Governor Florens Luoga said in an interview on Monday that “it is very important for us to offer a CBDC as a safe alternative because many people are affected by cryptocurrency speculators.” Banks cannot ignore currency, he said. of technological development.

Luoga said Tanzania has sent officials to countries with experience in CBDCs, such as Nigeria, to study. He declined to say when Tanzania’s plans would come out. “We cannot ignore central bank digital currencies. Almost globally, central bankers are currently being trained and having discussions on how to achieve this.”