The Bank of Tanzania (BOT) is preparing for the launch of a CBDC because it cannot ignore the technological advances in money. cbdc digitalcurrency cryptocurrency
, Louga suggested the Bank of Tanzania is also preparing for the launch of a CBDC because it cannot ignore the technological advances in money. The governor claimed that BOT’s digital currency will provide users with an alternative that is safer than cryptocurrencies. He said:
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.The governor added that the central bank has since sent officials to countries whose respective CBDCs have progressed. While many central banks have touted CBDCs as an alternative to cryptocurrencies, few have actually piloted their respective centralized assets.
“Almost worldwide, central bank governors are in training right now and holding discussions on how to bring it about,” Luoga argued.
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