The Bank of Tanzania to Introduce CBDC, Strengthening Domestic Payment System

The Bank of Tanzania is actively introducing a Central Bank Digital Currency (CBDC) to strengthen the domestic payment system. - 2021-11-29T165041.632.jpg

Bank of Tanzania Governor Florence Luoga said in an interview on Monday in the commercial capital Dar es Salaam that Tanzania plans to follow in Nigeria’s footsteps and launch its own national digital currency.

He said that:

“It’s important for us to provide a central bank digital currency as a safe alternative because many people are being affected by cryptocurrency speculators.”

He stressed that banks cannot ignore technological advancements in money. To ensure that our country is not left behind by the adoption of central bank digital currencies, the Bank of Tanzania has begun preparations to build its own CBDC.

If the country is successful, it will be one of the countries currently exploring the launch of a CBDC.

The move was inspired by Nigeria’s launch of its own CBDC last October. Nigeria is the only country in Africa that has launched a CBDC.

Roga said Tanzania has sent its officials to countries with more experience with CBDCs, including Nigeria, to learn from them.

“We cannot ignore central bank digital currencies,” Luoga said. “Almost worldwide, central bank governors are in training right now and holding discussions on how to bring it about.”

So far, the Bank of Tanzania is still preparing for the digital currency but declined to say exactly when the CBDC will be launched.

Countries which are interested in seeking to launch their own CBDC have more than doubled so far, with countries such as China, the Bahamas, Central African Republic, Kenya and Zambia launching, piloting or researching their own national digital currencies.

Last June, Tanzanian President Samia Suluhu Hassan called for the necessary preparations for cryptocurrencies and blockchain technology.

Image source: Shutterstock


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Crypto-loving anti-vax group seeks like-minded talent to live in African ‘paradise’

A group of people who have claimed they refuse to take any of the COVID-19 vaccines — at a time when the number of cases around the world is at an all-time high — is reportedly looking for a cryptocurrency expert to join them in Africa.

According to a Friday report from Vice, the group of anti-vaxxers is building a “community” off the coast of southeastern Africa and plans to hire private chefs, television presenters, and crypto experts. The company behind the group, Liberty Places, is a self-described real estate firm based out of the archipelago of Zanzibar. It has previously posted to social media regarding its plans to use “the latest technologies from blockchain to solar energy” in addition to criticizing the use of masks in fighting the pandemic.

Vice reported the group had praised Zanzibar for not implementing “mask mandates, social distancing measures or lockdowns, nor has it enforced any requirement for mandatory vaccines,” describing the island as “free from meddling bureaucracy.” The comments come at a time when the 7-day average number of new cases of COVID-19 is more than 3 million, and many public health officials and lawmakers continue to call for the use of social distancing, wearing masks, and getting vaccinated and boosted when possible.

Many countries around the world are still closed to short-term visitors, with others that aren’t requiring a combination of proof of vaccination, quarantining at a hotel, and a negative COVID-19 test. For visitors from the United States, Tanzania stands out as a country that allows tourists to enter with only a negative test — no mandatory quarantine or vaccination requirement. There is inconsistent data on the number of new cases in the country, but the limited size of Zanzibar makes it unlikely to be able to accommodate millions of anti-vaxxers so locals concerned about the virus could still practice social distancing.

Related: Tanzania’s Zanzibar reportedly exploring ways to adopt crypto

Tanzania’s central bank banned crypto in November 2019, but it has reportedly explored overturning its decision following comments from President Samia Suluhu Hassan in June urging the central bank to prepare for Bitcoin (BTC) and digital assets. The country is also reportedly planning to introduce a digital shilling after neighboring countries announced initiatives exploring CBDCs.

Cointelegraph reached out to Liberty Places, but did not receive a response at the time of publication.