Tanzania to Follow Nigeria in Rolling out Digital Currency

-The government of Tanzania is looking to launch a central bank digital currency (CBDC) to protect its citizens from cryptocurrency speculators.
-Central bank governor Florens Luoaga said that it is important to provide a safe alternative for people who are being affected by cryptocurrency speculators.
-The Bank for International Settlements has announced that 90% of central banks are considering issuing a digital currency with sovereign backing.
-Nigeria launched a digital currency, the eNaira, in October, and China rolled out its digital yuan in the nations capital earlier this year.
-Luoga first began talking about launching a CBDC in Nov at the 20th Conference of Financial Institutions.
-Tanzania sent officials to other countries to learn from those with expertise in CBDCs, such as Nigeria.
-Nigerias central announced the expansion of its eNairas utility, making bill payments possible using the CBDC.
-Cryptocurrencies were banned by the central bank in Tanzania in 2019, but the president later backtracked, saying that the country needs to prepare for a new era of blockchain and crypto.

Tanzania.jpg Tanzania to Follow Nigeria in Rolling out Digital Currency
Tanzania to Follow Nigeria in Rolling out Digital Currency 2

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