The Bank of Tanzania is planning to introduce a central bank digital currency, after neighbouring countries announced similar initiatives.
The Bank of Tanzania’s Governor Florens Luoga stated that Tanzania was planning to follow Nigeria’s example in rolling out its own CBDC. Luoga also mentioned that the central bank had already begun preparations for a digital shilling.
In preparing to launch a CBDC, the governor said Tanzania is also planning to expand research into digital currencies and fortify the capacity of central bank officials. If successful, Tanzania would be among a select group of countries currently exploring a deployment of a CBDC.
Cryptocurrencies are mostly barred in Tanzania following a directive from the country’s central bank saying the digital assets were not recognized by local law. However, the Bank of Tanzania is working to reverse this ban following President Samia Suluhu Hassan saying in June the country should be preparing for crypto.
