• Latest
  • Trending
Tanzania’s Central Bank Prepares To Launch Its Own CBDC

Tanzania’s Central Bank Prepares To Launch Its Own CBDC

November 29, 2021
Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

May 20, 2022
Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

May 20, 2022
Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation

Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation

May 20, 2022

TD SYNNEX expands solution offering with Google Cloud

May 20, 2022

Creating an ML Web App and Deploying it on AWS

May 20, 2022
Will Fan Tokens Replace Memecoins Like Shiba Inu and Dogecoin?

Will Fan Tokens Replace Memecoins Like Shiba Inu and Dogecoin?

May 20, 2022
Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy

Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy

May 20, 2022
Crypto Bear Market: Pantera Partner Sees These Buying Opportunities

Crypto Bear Market: Pantera Partner Sees These Buying Opportunities

May 20, 2022
Australias Commonwealth Bank Halts Crypto Rollout

Australias Commonwealth Bank Halts Crypto Rollout

May 20, 2022
Commonwealth Bank puts crypto trading trial on ice as regulators dither

Commonwealth Bank puts crypto trading trial on ice as regulators dither

May 20, 2022
Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

May 20, 2022
Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why

Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why

May 20, 2022
Deep Tech Central
Wednesday, May 25, 2022
Subscription
Sign Up
  • News
    • Artificial Intelligence
    • Crypto
    • CyberSecurity
    • IoT
    • Robotics
    • Quantum Computing
    • Sustainability
    • Telecom
  • Videos
  • DTC – UNV
No Result
View All Result
Deeptech Central
No Result
View All Result

Tanzania’s Central Bank Prepares To Launch Its Own CBDC

by
November 29, 2021
in Crypto
0

Tanzania’s central bank prepares to launch its own central bank digital currency after it started exploring this sector and the country is only following the steps of Nigeria that launched its own CBDC last month. Other African countries have similar plans to launch a CBDC as well so let’s read more in our latest altcoin news today.

Tanzania’s central bank started exploring central bank digital currencies according to a Bloomberg report showing that Governor Florens Luoga announced the plans at the 20th Conference of Financial Institution- COFI. He said:

YOU MAY ALSO LIKE

Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

“To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC.”

The governor also said that the central bank is looking to expand research into digital currencies and to enhance the capacity of the team. Luoga said that this move is inspired by Nigeria’s launch of its own CBDC the eNaira and it partnered with German FinTech to launch a digital currency and a physical naira. The West Africa country is the second to have a CBDC after the Bahamas which launched its CBDC a year ago. The Governor also said that the central bank plans to diversify its foreign exchange reserves and to do that will buy gold from local refineries. The monetary gold that they aim to buy should have a purity of not less than 99.5%. he also expects teh country’s inflation rate to remain within the targeted range of 3% to 5% in 2021-22.

Luoga added that the central bank is cautious of cryptocurrencies and he reminded the public about the illegal status in the country saying that people should be wary of investing. Since 2019, Cryptocurrencies were banned in Tanzania after the central bank said they will not recognize them by law. However, this could change as the bank is working to reverse this ban. The development is a result of the Tanzanian President Samia Suluhu Hassan who asked the central bank to prepare for crypto after she became president.

More governments are starting to explore central bank digital currencies. Nigeria was the first African country to launch its CBDC so other countries are also researching opportunities that CBDCs provide for their economies. About two months ago, the Managing Director of the IMF Kristalina Georgieva said that more than 110 countries are at some stage of exploring CBDCs.

Share196Tweet123Share49

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Search

No Result
View All Result

Recent News

  • Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
  • Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower
  • Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation
  • About
  • Privacy Policy
  • Sign Up
  • Contact Us
  • About
  • Contact
  • Deeptech Central
  • Elementor #10628
  • Newsletter
  • Privacy Policy
  • Sign Up

© 2018-2021 DeepTech Central. - by MintMore Inc..

No Result
View All Result
  • News
    • Artificial Intelligence
    • Crypto
    • CyberSecurity
    • IoT
    • Robotics
    • Quantum Computing
    • Sustainability
    • Telecom
  • Videos
  • DTC – UNV

© 2018-2021 DeepTech Central. - by MintMore Inc..

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Stay Updated. Subscribe Today.

Join the community of 10K+ scholars & entrepreneurs.