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FOMO Drives Tanzanian Central Bank to Plan Own Digital Currency

  • Tanzania wants to join Nigeria in introducing CBDCs in Africa
  • Still cautious about cryptocurrencies, central bank chief says
Florens Luoga

Florens Luoga

Source: Central Bank of Tanzania 

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Tanzania plans to introduce its own digital money, following similar decisions in several emerging markets including Nigeria, which was the first to make the move in Africa.

Amid the fear of missing out, or FOMO, more governments have allowed the introduction of central bank digital currencies, or CBDCs, as national currency -- unlike their crypto counterparts, such as Bitcoin and Ethereum, which are not tied to fiat currency.