The Bank of Tanzania did not want to be left behind in the central bank digital currency [CBDC] game. Therefore, the African country revealed that it was prepping for the launch of its native digital currency.
The digital bug hasn’t spared anyone. While digitalization has taken over the entire globe, Tanzania decided to jump onto this bandwagon. Countries like China have dispensed immense progress with regards to CBDCs. With several countries just beginning the whole research and development process, China was several steps ahead as the citizens of the country have already started using the digital yuan.
Looks like Tanzania was following the footsteps of China. The Governor of the Bank of Tanzania, Florens Luoga revealed that the country had already commenced preparations for the launch of its very own CBDC.
Tanzania next in line to launch CBDC?
As per Bloomberg, the Governor of the bank, Florens Luoga noted that the country did not want to be left behind while the globe undergoes a digital metamorphosis. Speaking at a finance conference, he added,
“To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC.”
In addition to this, the central bank Governor affirmed that the government would extend the research and development surrounding CBDC. This would include the increase in the team capacity as well.
Africa has been going big on digitalization. Move over Tanzania, Nigeria already rolled out its CBDC, eNaira back in October itself.
Despite its ever-growing interest in CBDC and other digital assets, several African countries like Tanzania itself remain wary of cryptocurrencies. However, earlier this year, IOHK went to the region to develop a brand new mobile network.
Crypto firms were seen venturing into several African regions to educate them about blockchain tech as well as cryptocurrencies. The motive behind this is to not deprive them of the digital revolution that is underway.