As said by the Bank of Tanzania Governor, CBDC is a better option than cryptocurrencies.

Tanzania is moving closer to introducing its own central bank digital currency (CBDC). The start date for the Tanzanian CBDC has not yet been made public. However, he did confirm that the government could no longer ignore the growing existence of digital currencies.

CBDC, according to the BOT Governor, will assist in fighting the rising popularity of privately issued cryptocurrency assets. Digital money issued by a central bank, according to him, would be a more secure and stable alternative to cryptocurrencies. According to the governor, bitcoin trading and speculation have impacted a wide range of people.

Only Nigeria's central bank, e-Naira, has launched a CBDC in Africa. Kenya, Madagascar, Eswatini, Rwanda, Ghana, Morocco, and Tunisia are some of the other African countries researching the development of CBDC. It was also revealed in February 2022 that Zambia would be exploring the adoption and deployment of CBDCs as well.

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