According to reports, after neighboring countries announced similar measures, the Bank of Tanzania is planning to launch a central bank digital currency or CBDC for African countries.

According to a Bloomberg report on Friday, the Governor of the Bank of Tanzania, Florence Loga Said On Thursday, Tanzania plans to follow Nigeria to launch its own CBDC. According to reports, Loga stated that the central bank “has already begun preparing” Tanzania’s currency shilling since 1966.

In preparation for the launch of CBDC, Tanzania also plans to expand research on digital currencies and strengthen the capabilities of central bank officials. If successful, Tanzania will become one of the selected countries currently exploring the launch of CBDC.

Many industry experts set their sights on China Leading the next CBDC release From the world’s major economies.Since April 2020, the central bank has conducted pilot projects in major cities and plans to A bigger test at the Beijing Winter Olympics In 2022.

According to Loga, the initiative of the Central Bank of Tanzania was initiated by Nigeria Launch your own CBDC, ENaira last month. CBDC is after the Bahamas became the world’s first country fully open to the public, CBDC Launch of central bank digital currency October 2020.

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After the Central Bank of Tanzania issued a directive in November 2019 stating that digital assets were not recognized by local laws, cryptocurrencies were largely banned. However, it is reported that the Bank of Tanzania is working hard to overturn this ban. President Samia Suluhu Hassan said in June The country should prepare for cryptocurrency.