The Bank of Tanzania gave an update on the East African country’s progress, stating that it was taking a phased, cautious and risk-based” approach in the adoption of a CBDC.
The BoT says it’s taking this approach after discovering that six countries across the world abandoned their CBDC plans after encountering technical and structural challenges.
The Bank of Tanzania will continue to monitor, research and collaborate with stakeholders, including other central banks, in the efforts to arrive at a suitable and appropriate use and technology for issuance of Tanzanian shillings in digital form,” the statement read.