Bank of Tanzania – DIGIT INFO

Tanzanian Central Bank Adopts ‘Phased and Risk-Based Approach to Adoption of CBDC’

DIGIT — Tue, 17 Jan 2023 07:30:28 +0000

After months of research, the Tanzanian central bank announced recently that it had chosen a more cautious and risk-based approach towards the adoption of its central bank digital currency (CBDC). During the research phase, the central bank said it paid particular attention “to risks and controls associated with issuance, distribution, counterfeit and usage of currencies.” […]

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Tanzania ‘cautious’ on CBDC adoption after initial research

DIGIT — Mon, 16 Jan 2023 02:21:18 +0000

The Bank of Tanzania is waiting for the conclusion of its research into CBDCs before making a final decision on adoption.

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Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets

DIGIT — Mon, 11 Apr 2022 07:30:25 +0000

Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets. The officials agreed that more discussions still need to be carried out before a final decision is made. Interoperability of CBDCs Just under a year after the Tanzanian President Samia Suluhu Hassan asked the country’s ... Read more

More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator

DIGIT — Sat, 25 Dec 2021 11:30:10 +0000

Tanzanians are embracing cryptocurrencies but more work still has to be undertaken in order to reduce the number of scams in the industry, a blockchain educator has said. In much of the year 2021, blockchain entities and proponents of the technology in Tanzania did much to bring this fintech to ordinary folks in that country. […]

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Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own Risk

DIGIT — Wed, 15 Dec 2021 10:30:38 +0000

The Tanzanian central bank governor recently revealed that cryptocurrencies are not outlawed in the country but warned those dabbling in crypto-related investments that they do so at their own risk. Central Bank Open to Ideas The governor of the Bank of Tanzania (BOT), Florens Luoga, recently stated that the central bank has not outlawed cryptocurrencies […]

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Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind

DIGIT — Sun, 28 Nov 2021 07:00:04 +0000

Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is not left behind as other countries adopt digital currencies. Keeping Abreast With Developments on the Continent The Bank of Tanzania (BOT) has […]

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Zanzibar Government Keen to Get Stakeholders’ View on Cryptocurrencies

DIGIT — Mon, 15 Nov 2021 11:30:40 +0000

Zanzibar is keen on getting stakeholders’ views on the viability of adopting digital currencies before a final decision is made, a government minister has said. The Importance of Getting the Views of Stakeholders In his remarks during an interview with The Citizen, Mudrick Soraga, who is the Minister of State, revealed his government is planning […]

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Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations

DIGIT — Tue, 05 Oct 2021 12:30:43 +0000

While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’s willingness to heed the government’s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies. Economists: Tanzania an Unsuitable Candidate In their views, published by the Citizen following the BOT’s latest update, […]

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Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto

DIGIT — Wed, 14 Jul 2021 13:00:58 +0000

In a follow-up to Tanzanian President Samia Suluhu Hassan’s call for cryptocurrency action, a government minister has now announced plans to set up a crypto advisory team. This team, according to the Information and Communication Technology (ICT) minister Faustine Ndugulile, will consist of not more than 10 experts. Advisory Team to Be Set Up in […]

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Bank of Tanzania Hints at Possible Crypto Ban Reversal as Spokesman Confirms Bank Is ‘Working on the Directives Given’

DIGIT — Mon, 28 Jun 2021 06:00:20 +0000

In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on the country’s finance chiefs to prepare for cryptocurrencies. BOT Move […]

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