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

http://motleybloggers.com/wp-content/uploads/2021/11/tanzanian-central-bank-preparing-for-cbdc-to-ensure-country-is-not-left-behind.jpg

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 started preparations for its digital currency to ensure the country is not left behind others in adopting central bank digital currencies (CBDC), a Bloomberg report has said.

The announcement follows reports that Zanzibar — an autonomous Tanzanian region off the coast of East Africa — is also keen on adopting digital currencies. The move by the BOT, which was confirmed by governor Florens Luoga, also comes almost a month after the Central Bank of Nigeria (CBN) became the first central bank on the continent to launch a CBDC.

Explaining why the BOT is now eager to launch its CBDC, Luoga is quoted highlighting the importance of not being left behind, saying:

To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC.

Authorities Want Tanzanians to Remain Cautious

As previously reported by MotleyBloggers.com News, the Bank of Ghana is the only other West African central bank that said it is close to launching its CBDC. Other central banks like the South African Reserve Bank and the Bank of Namibia have indicated they are still investigating the possibility of launching CBDCs.

Shortly after taking over the presidency, Tanzanian President Samia Suluhu Hassan asked the country’s central bank to prepare for cryptocurrencies. A few weeks after President Hassan’s speech, a spokesperson for BOT confirmed the bank was heeding the call and hinted at a possible reversal of a ban on cryptocurrencies.

Yet despite the seeming relaxation of the anti-crypto rhetoric, a report said authorities in the country still want Tanzanians to be cautious when dealing with crypto-related investments.

What are your thoughts about this story? Tell us what you think in the comments section below.

Origina post from
http://motleybloggers.com/tanzanian-central-bank-preparing-for-cbdc-to-ensure-country-is-not-left-behind/

Comments

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...

motleybloggers

Search This Blog