Tanzania is preparing to launch a digital form of its local currency, the Tanzanian shilling, the governor of the Bank of Tanzania said, according to a Bloomberg report.
- The country will follow in Nigeria’s footsteps and launch its own digital currency, Florens Luoga, announced last Thursday.
- Nigeria launched its eNaira in October this year, making it the first African country to issue its own digital money.
- Luoga said that the move to launch a central bank digital currency (CBDC) is to ensure that Tanzania is not left behind in CBDC adoption.
- ”The Bank of Tanzania has already begun preparations to have its own CBDC,” Luoga reportedly said during a finance conference in Dodoma, the capital of Tanzania.
- At the same event, Luoga said Tanzania remains wary of cryptocurrencies and advises the public to be cautious, according to Bloomberg.
- In June, Tanzania’s president Samia Suluhu Hassan urged the central bank to prepare for the adoption of cryptocurrency.