- CBDC launch preparation has begun in Tanzania
- Following Nigeria’s eNaira, the Tanzanian government is also seeking to launch their central bank digital currency
- Tanzanian government rolled out such plans amid FOMO, as they want to ensure that they are left behind in terms of CBDC adoption
CBDC is being researched by almost every nation globally. Most of the countries globally are seeking to issue their national digital currency. Where China is leading with its digital yuan project, nations like Nigeria have also introduced its eNaira. Following Nigeria, recently it has been revealed by one of the leading media outlets Bloomberg, that the Tanzanian government is also seeking to launch their central bank digital currency. Notably, the central bank of the nation has already reportedly begun the preparations to introduce their own national digital currency.
Tanzania is preparing to launch CBDC
Tanzania’s central bank has reportedly announced its plans to launch their CBDC. It is also revealed that the nation has begun the preparation to issue the digital form of their local currency, the Tanzanian shilling. The central government rolled out such plans amid the fear of missing out (FOMO). The Tanzanian government noted that more governments have allowed the introduction to such cryptocurrencies as national currency.
It is worth noting that the announcement was made by Governor Florens Luoga last week, at a finance conference in the capital, Dodoma. According to Luoga, to ensure their nation is not left behind the adoption of CBDC. the Bank of Tanzania has begun to prepare to have their own national digital currency. Hence, the nation will soon roll-out its virtual currency following Nigeria’s path.
Tanzania warns against crypto assets
The Tanzanian government planned to introduce their CBDC due to FOMO. The nation’s authorities want to ensure that they are left behind in terms of CBDC adoption. However, the nation is still wary of virtual currencies, like Bitcoin and Ethereum. Indeed, the Tanzanian government wants its residence to be cautious while using crypto assets. Still, in the mid of this year, the President of the central bank urged their central bank to prepare for the adoption of digital currency.
Nigeria leads in Africa with national digital currency
It is noteworthy that eNaira issued by Nigeria, is the first virtual national currency in Africa. Indeed, the governor of the Bank of Tanzania likes the plans of the nation to follow the eNaira project. Notably, the CBDC helped Nigeria to cut translation costs and boost participation in the formal financial world. The Nigerian CBDC will complement the physical naira, which has weakened this year despite the central bank’s efforts to stabilize it.
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