Tanzania Plans to Launch CBDC After eNaira Launch: Report

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, Governor 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 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 President Samia Suluhu Hassan urged the central bank to prepare for the adoption of cryptocurrency.

Read more: Tanzania’s President Urges Central Bank to Prepare for Crypto