• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

Central Bank of Tanzania Making Preparations To Release CBDC

by CBDC Insider
December 1, 2021
in Africa, Business
Reading Time: 2min read
0
Central Bank of Tanzania Making Preparations To Release CBDC
Share on FacebookShare on Twitter

Tanzania has apparently begun investigating the possibility of establishing a central bank digital currency (CBDC). Nigeria, which established its digital currency last month, is the country’s inspiration. Other African countries have also declared ambitions to establish CBDCs.

Tanzania Tries CBDC

According to a Bloomberg article on Friday, Governor Florens Luoga of the Bank of Tanzania disclosed the country’s CBDC intentions on Thursday at the 20th Conference of Financial Institutions (COFI).

“To guarantee that our nation does not fall behind in the adoption of central bank digital currencies,” he stated, “the Bank of Tanzania has already begun preparations to develop its own CBDC.”

RELATED STORIES

How CBDCs Will Transform the Way India Transacts

How CBDCs Will Transform the Way India Transacts

May 24, 2022
Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

May 24, 2022

As a result, the governor stated that the central bank is aiming to extend its study into digital currencies and increase its team’s ability.

Luoga stated that this decision was motivated by the inauguration of Nigeria’s own CBDC, the eNaira, last month. Nigeria collaborated with a German FinTech firm to establish a digital currency to supplement the actual naira. The West African country is the second to have an official CBDC, following the Bahamas, which established one last year.

In addition, the governor stated that the central bank intends to diversify its foreign exchange holdings. It will purchase gold from local refineries to achieve this goal. “The monetary gold that we intend to purchase should have a purity of at least 99.5 percent,” he stated. In addition, he anticipates the country’s inflation rate to remain within the planned range of 3% to 5% in 2021-22.

Luoga went on to say that the central bank is still wary about cryptocurrency. In addition, he reminded the public of its unlawful position in the nation, advising them to be cautious before investing.

According to the central bank, cryptocurrencies have been prohibited in Tanzania since 2019 because they are not legally recognized. This may change soon since the Bank of Tanzania is allegedly preparing to lift the prohibition. This development results from Tanzanian President Samia Suluhu Hassan’s request to the central bank to prepare for cryptocurrencies immediately after taking office.

Read more

Previous Post

Bank of Indonesia’s Governor Says CBDCs is a Tool to Fight Crypto

Next Post

Innovation Center Launch Could Advance US Digital Currency

Next Post
Innovation Center Launch Could Advance US Digital Currency

Innovation Center Launch Could Advance US Digital Currency

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register