Bank of Tanzania Governor Florence Luoga said that the Central Bank began developing its own cryptocurrency. One of the motives he called the desire “not to be left behind the board of progress.”
As Florens Luoga said at the 20th Conference of Financial Institutions (COFI) organized by the Central Bank, the national digital currency will reduce the cost of transfers and increase the involvement of the population in the state financial system.
The Central Bank of Nigeria recently released digital naira and the Tanzanian authorities thought it would be a good idea to launch a digital shilling. 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 Suluhu Hassan noted the growing influence of digital assets on the financial system of the world and urged the country’s Central Bank to research cryptocurrencies.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
