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Tanzania considers to make their own Central Bank Digital Currency

 

According to reports, Tanzania's central bank is considering the introduction of a central bank digital currency, often known as a CBDC. This was reportedly disclosed at the 20th Conference of Financial Institutions in Tanzania, where Governor Florens Luoga is credited with making the announcement, according to reports. eNaira was founded as Nigeria's CBDC last month, marking the first time this has happened in Africa. It is possible that Tanzania will join the expanding list of countries that are actively studying CBDC adoption if the CBDC trial is a success.

However, the Bank of Tanzania is still wary about cryptocurrency investments in Tanzania and reminds the general public that it is not permitted to do so legally in the country. The fact that cryptocurrencies such as Bitcoin and Litecoin are practically prohibited in Tanzania, according to a central bank decree published in November of 2019.

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