Tanzania Plans to Launch CBDC After eNaira Launch: Report

Tanzania is preparing to launch a digital form of its local currency, the Tanzanian shilling, the governor of the Bank of Tanzania said, according to a Bloomberg report.

• The country will follow in Nigeria’s footsteps and launch its own digital currency, Governor Florens Luoga announced last Thursday.
• Nigeria launched its eNaira in October this year, making it the first African country to issue its own digital money.
• Luoga said the move to launch a central bank digital currency (CBDC) is to ensure that Tanzania is not left behind in CBDC adoption.
• ”The Bank of Tanzania has already begun preparations to have its own CBDC,” Luoga reportedly said during a finance conference in Dodoma, the capital of Tanzania.
• At the same event, Luoga said Tanzania remains wary of cryptocurrencies and advises the public to be cautious, according to Bloomberg.
• In June, Tanzania President Samia Suluhu Hassan urged the central bank to prepare for the adoption of cryptocurrency.

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