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Tanzania Is Getting Much Closer to The Launch Of a CBDC

The central bank governor said that Tanzania is closer to launching a digital currency (CBDC), which will give the country's citizens a "safe option". But,...
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The central bank governor said that Tanzania is closer to launching a digital currency (CBDC), which will give the country’s citizens a “safe option”. But, there is no date yet for the launch of digital currency.

Growing Interest in Cryptocurrencies

Florens Luoga is the governor of Tanzania’s central banks and says that his country is closer to the launch a central bank digital currency. According to a report, the CBDC will counter growing interest in private-issued cryptocurrencies when it launches.

Louga stated that the Bank of Tanzania (BOT), in preparation for the launch of the CBDC, because it cannot ignore technological advances in money. According to the governor, BOT’s digital currency will offer users a safer alternative to cryptocurrencies. He stated:

Because many people are being affected cryptocurrency speculators, it’s vital that we provide a central bank digital money as a secure alternative.

A Global Phenomenon
The governor said that officials from the central bank have been sent to countries where CBDCs are progressing. Although CBDCs have been touted as an alternative to cryptocurrency, very few central banks have actually piloted the assets. Only the Nigerian central banks have launched a CBDC. Others are still in the exploratory or research stage.

Luoga, however, declined to answer questions about the date for Tanzania’s launch of its digital currency. However, he did emphasize that the BOT can’t ignore this phenomenon.

Luoga stated that “almost everywhere, central bank governors have been in training right now and are having discussions about how to bring this about.”

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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