Tanzanian banks are reportedly preparing to adopt digital currency technologies in response to regulatory frameworks and customer readiness, as reported by The Citizen even though the Bank of Tanzania (BoT) has not yet approved the use of cryptocurrencies or CBDCs.
According to CRDB Bank chief executive Abdulmajid Nsekela, the bank is monitoring trends and implications for operations and customers in order to proactively prepare systems to handle digital currency transactions and blockchain technology once operational.
Mr. Nsekela noted that digital advancements have the potential to enhance financial services, improve efficiency, and provide greater accessibility to customers.
However, he acknowledged that some banks were still uncertain about the regulatory framework, with increased public demand and awareness potentially prompting governments to fast-track drawing up of regulations.
Industry analysts have highlighted that embracing digital currencies will attract foreign investment and stimulate fintech innovation.
The Bank of Tanzania is in a good position to leverage these technologies and build a more inclusive and technologically advanced economy, according to Kelvin Mkwawa, seasoned banker and financial analyst.
