The decision on where to set up the East African Monetary Institute will be made this year, as the region lays the foundation for a single regional currency.
Bank of Tanzania stated that while CBDCs offer myriad benefits, there are still major pitfalls that could adversely affect the local economy.
The Bank of Tanzania is looking to expand its digital currency research and development team capacity, following the footsteps of Nigeria’s e-Naira, according to central bank Governor Florens Luoga.
The country’s central bank is reportedly working on new directives for digital currencies following a recent push by the president to “keep up with the times” and look into digital currencies.
President Samia Suluhu Hassan highlighted the growing role for digital assets in global finance, suggesting there may be a role for digital currency in developing Tanzania’s economy.
Tanzania will do an old school study of the country, sending a researcher far and wide to investigate how cryptos can help.