Tanzania is about to launch a central bank digital currency (CBDC) to help counter the growing popularity of cryptocurrencies in the country.

Bank of Tanzania Governor Florens Luoga said in an interview on Monday that “it’s important for us to provide a central bank digital currency as a safe alternative because many people are being affected by cryptocurrency speculators.” Banks cannot ignore the technological advancement of and currency, he said.

Luoga said Tanzania has sent officials to countries with experience in CBDCs, such as Nigeria, to learn more about crypto. He did not say when Tanzania's plans would come out. “We cannot ignore central bank digital currencies. Almost worldwide, central banks are currently having discussions on how to achieve this.”