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Tanzania prepares to launch its central bank digital currency CBDC

Tanzania prepares to launch its central bank digital currency CBDC

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Answer Tanzania prepares to launch its central bank digital currency CBDC

According to a statement issued by Mr. Florence Luga, Governor of the Bank of Tanzania, it is stated that the African country is planning to issue its own digital currency which will be issued by the Central Bank (CBDC).

Tanzania prepares to launch its own CBDC:

With many African countries continuing to benefit from the CBDC initiative, Tanzania may finally be ready to launch its own CBDC as well.

According to a Bloomberg report on Friday, Florence Luga revealed that Tanzania may be taking a cue from Nigeria by fast-tracking its plans for its CBDC offering.

Luga insisted that plans were underway to launch a digital shilling, (the shilling has been Tanzania’s currency since 1966).

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But Tanzania will not be in a hurry to launch a CBDC.

According to the governor, the country is currently planning to conduct deeper research into cryptocurrencies, as part of its efforts toward a proper launch.

All things equal, the success of the current plans means that Tanzania will become one of the leading African countries in introducing CBDCs.

Who is next to issue a central bank digital currency?

It seems that quite a number of industry experts are predicting that China will be the next major economy to launch its own digital currency.

The Chinese central bank has been testing the digital currency since April 2020 and is planning a larger trial during the Beijing Winter Olympics in 2022.

But Luga insists Tanzania’s motivation for launching the digital shilling was based on Nigeria’s successful launch of its own CBDC, the eNaira cryptocurrency.

Nigeria successfully launched eNaira last month, becoming the second central bank digital currency fully accessible to the public, right after the Bahamas which launched its own central bank digital currency, in October 2020.

Meanwhile, cryptocurrencies remain banned in Tanzania following a directive from the country’s main bank in November 2019, where the central bank had previously declared digital assets not recognized by local law.

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