The Bank of Tanzania is reportedly having plans down its pipeline to roll out a central bank digital currency (CBDC) for the African country, following the other nations in the region announcing projects of their own.
Specifically, as revealed by a Bloomberg report, Bank of Tanzania Governor Florens Luoga reportedly shared that Tanzania is working towards following the footprints set by Nigeria, regarding the introduction of its self-developed CBDC.
Luoga further claimed that the central bank had “already begun preparations” for a digital shilling, Tanzania’s currency since 1966.
During the preparation works for rolling out a CBDC, the governor reportedly revealed that Tanzania is further aiming to widen the scope of its research into digital currencies, as well as reinforcing the capacity of central bank officials.
Should the project have a success status, it will help Tanzania secure a spot in the list of nations deep-diving into an introduction for a CBDC at the moment.
A large number of professionals in the sector is reportedly considering China, with its initiatives, to be taking the pioneering role for the next CBDC introduction carried out by a major global economy.
The central bank of the nation has reportedly carried out trials in major urban areas since April last year, and is working towards conducting a test with a bigger scale at the Beijing Winter Olympics next year.
Per Luoga, the CBDC introduction – the eNaira – made by Nigeria in October has reportedly been the driving force fueling Tanzania’s central bank’s CBDC initiative.
The CBDC is only the second to be completely available to the general audience, following the Bahamas taking the pioneering role throughout the globe to release a central bank digital currency in October last year.