The Central Bank of Tanzania plans to launch a new bank digital currency (CBDC), in conjunction with the announcement of some neighboring African countries to go to the same initiative.
According to Bloomberg, the Governor of the Bank of Tanzania, Florin Luga, said that his country plans to follow Nigeria's example in introducing its own central bank digital currency.
Loga added that the central bank has already started preparations to launch a digital shilling, and the shilling has been Tanzania's currency since 1966.
In preparation for the launch of a central bank digital currency, the governor said Tanzania is also planning to expand research into digital currencies and enhance the capacity of central bank officials.
If successful, Tanzania will be among a select group of countries currently exploring a central bank digital currency.
According to Luga, the Central Bank of Tanzania's initiative was prompted by Nigeria's launch of the central bank digital currency (eNaira) last month.
The central bank digital currency is only the second to be fully available to the public after the Bahamas became the first country in the world to launch a central bank digital currency in October 2020.< /p>
