Central Bank of Tanzania is developing state cryptocurrency – Bits Media

Bank of Tanzania Governor Florence Luoga said, that the Central Bank has begun developing its own cryptocurrency. He called one of the motives the desire “not to be left behind by progress”.

As reported by Florence Luoga (Florence Bath) at the 20th organized by the Central Bank Conferences of financial institutions (REMEMBER), The national digital currency will reduce the cost of transfers and increase the involvement of the population in the state financial system.

Recently, the Central Bank of Nigeria released the digital naira and the Tanzanian authorities considered, that launching a digital shilling would be a good idea. Also, the Governor of the Bank of Tanzania again reminded the population of the need to be careful when investing in cryptocurrencies.

In mid-June, Tanzanian President Samia Hassan Suluhu (Samia Suluhu Hassan) noted the growing influence of digital assets on the world’s financial system and called on the country’s Central Bank to explore cryptocurrencies.