{"id":42975,"date":"2021-12-11T16:41:52","date_gmt":"2021-12-11T16:41:52","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=42975"},"modified":"2021-12-11T14:32:02","modified_gmt":"2021-12-11T14:32:02","slug":"bank-of-tanzania-cautious-over-digital-currencies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies","title":{"rendered":"Bank of Tanzania cautious over digital currencies"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Tanzania\u2019s central bank has said it is in no hurry to join the cryptocurrencies bandwagon, with Governor Florens Luoga saying the bank was conducting research before committing itself.<\/p>\n

The governor\u2019s statement, made at a conference of Tanzanian financial sector stakeholders in Dodoma on November 26, was the first formal communication by the Bank of Tanzania (BoT) on cryptocurrency dealings since it issued a cautionary notice two years ago.<\/p>\n

It followed confirmation of tentative plans to launch an official Central Bank Digital Currency (CBDC) system and possibly also incorporate cryptocurrencies.<\/p>\n

Prof Luoga said the public is still allowed to dabble in crypto-related investments \u201cat their own risk.\u201d<\/p>\n

\u201cWe can\u2019t outlaw something that we are not yet competent with or regulate a game that we don\u2019t really know how it is played. We have not reached a position where we can costerise [sic] cryptos, but we welcome applications from interested parties. All should feel free to present their ideas for consideration,\u201d Prof Luoga said.<\/p>\n

In its 2019 notice BoT said the trading, marketing and usage of virtual currency was a \u201ccontravention\u201d of existing foreign exchange regulations, adding that the only acceptable legal tender remained the Tanzanian shilling.<\/p>\n

Calls for Tanzania to emulate other countries in formally embracing cryptocurrencies through the establishment of CBDCs have been on the increase in recent months.<\/p>\n

President Samia Suluhu added her voice to the push in June, instructing the central bank to \u201cbe prepared\u201d for the advent of cryptocurrencies and blockchain technology in line with global trends.<\/p>\n

The Bahamas was the world\u2019s first country to launch a CBDC in October 2020.<\/p>\n

This year in October Nigeria became the first African nation to follow suit when it introduced the eNaira.<\/p>\n

According to Prof Luoga, BoT has initiated moves to develop a digital currency platform that will include a CBDC and possibly also incorporate cryptocurrencies.<\/p>\n

The Bahamas was the world\u2019s first country to launch a CBDC in October 2020. This year in October Nigeria became the first African nation to follow suit when it introduced the eNaira. Meanwhile, El Salvador has this year adopted the Bitcoin as legal tender.<\/p>\n

Several other countries, including China and India, are in the pilot stages of experimenting with CBDCs despite a general concern among many high-income economies that the rise of cryptos poses a threat to more established financial transaction systems and global fiscal stability.<\/p>\n

\u201cThe aim is to minimise, if not mitigate, the possible effects of a CBDC on the central bank\u2019s core business of monetary policy, financial stability and integrity, and payment system structure and development,\u201d he added.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Tanzania\u2019s central bank has said it is in no hurry to join the cryptocurrencies bandwagon, with Governor Florens Luoga saying the bank was conducting research before committing itself. The governor\u2019s statement, made at a conference of Tanzanian financial sector stakeholders in Dodoma on November 26, was the first formal communication by the […]<\/p>\n","protected":false},"author":84,"featured_media":42974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-42975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nBank of Tanzania cautious over digital currencies - Tanzania<\/title>\n<meta name=\"description\" content=\"Tanzania\u2019s central bank has said it is in no hurry to join the cryptocurrencies bandwagon, with Governor Florens Luoga s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Tanzania cautious over digital currencies\" \/>\n<meta property=\"og:description\" content=\"Tanzania\u2019s central bank has said it is in no hurry to join the cryptocurrencies bandwagon, with Governor Florens Luoga s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-11T16:41:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/12\/img-61b4b64aad7c7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank of Tanzania cautious over digital currencies\",\"datePublished\":\"2021-12-11T16:41:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\"},\"wordCount\":449,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/12\/img-61b4b64aad7c7.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bank-of-tanzania-cautious-over-digital-currencies\",\"name\":\"Bank of Tanzania cautious over digital currencies - 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