Last updated on November 17th, 2022 at 12:45 pm
Tanzanian financial officers are calling for a clear global policy on the use of cryptocurrencies and central bank digital currencies (CBDCs). These officials believe that more debates should be held concerning these assets before a consensus is reached by different parties.
This comes months after Tanzanian President Samia Suluhu Hassan directed financial regulators to investigate the concept of cryptocurrencies and their use.
Mwigulu Nchemba, the Finance and Planning Minister, and Florens Luoga, the Central Bank governor, have entered into some discussions and reached a consensus that both CBDCs and cryptocurrencies should be explored further before a final decision is made.
The East African published a report on the two officials’ perspectives. It covers the virtual summit organized by the Bank of Tanzania (BOT) and the International Monetary Fund (IMF).
According to the report, the virtual summit was intended for the anglophone countries in Sub-Saharan Africa.
The purpose of the event was to create a forum where the heads of financial regulatory organizations in the region could discuss these assets while keeping cyber security in mind.
It is expected that Francophone countries will host theirs later in the year.
The Finance and Planning Minister, Mwigulu Nchemba, disclosed the progress that has been made concerning CBDCs and cryptocurrencies.
“[The central bank is] finalizing preparations of a business case for [the] establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress.”
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