01/15/23

Permalink Totalitarian State: Tanzania Considers Introduction of Central Bank Digital Currency

The growing role of digital currencies draws the attention of the world's governments seeking to find a way to stabilize their countries' financial systems by introducing new technologies. | The Bank of Tanzania is considering the introduction of a central bank digital currency (CBDC), the institution stated, saying that it "has adopted a phased, cautious and risk based approach" to the issue.  The central bank is taking into account the experience of other states, noting that six countries have canceled the adoption of CBDC due to challenges in the implementation phase.  In October 2021, Nigeria became the first African country to introduce the use of a central bank digital currency, eNaira. According to the country's government, the currency "serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments." South Africa and Ghana have been reported to participate in pilot CBDC projects, with several other African countries being in the research stage.

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