eNaira: Tanzania Set to Copy Nigeria With the Introduction of Digital Currencies

• Tanzania is set to become the second African country to introduce a Central bank digital currency

• Central bank Governor Florens Luoga states that he wants to ensure that the country is not left behind in the adoption of digital currency

• This is coming about a month after Nigeria launched its own digital currency- eNaira

Tanzania is set to introduce its own digital currency, following a decision from Nigeria to do the same last month.

Florens Luoga, the governor of the central bank disclosed this while speaking at finance conference in capital city, Dodoma on Thursday.

Luoga says that the plan is to ensure that the country is not left behind in the adoption of digital currencies.

Nigeria introduced the eNaira in October, with the aim of cutting transaction costs and boosting participation in the finance system.

The digital currency won’t replace the Naira but act as a digitized version of the official currency

Luoga disclosed that the country has begun preparations by strengthening the capacity of central bank officials on digital currencies.

Despite the interest in CBDCs, Tanzania remains wary of cryptocurrencies and the governor advised people to remain cautious.

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