Tanzania prepares to launch its own central bank digital currency

Tanzania’s central bank will be launching its own digital currency soon. Governor Florens Luoga revealed the news at the central bank-organised “20th Conference of Financial Institutions (COFI)” on Thursday.

Luoga said, as quoted by Bloomberg, “the Bank of Tanzania has already begun preparations to have its own Central Bank Digital Currencies (CBDCs) to ensure that the country is not left behind the adoption of CBDCs.”

A CBDC is a legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency.