The monetary administration of Tanzania is waiting for the rest of the world to form their opinion on cryptocurrencies and CBDCs. The Minister of Finances of Tanzania and the Central Bank governor called for global clarity on the matter during a virtual summit held by the International Monetary Fund.
Mwigulu Nchemba, the Minister of Finances, has already made progress toward Tanzania’s very own central bank digital currency, while Florens Luoga, the central bank governor, seems to be cautious of cryptocurrencies and declared for harder regulations as virtual assets become more and more relevant.
Many African nations have already integrated digital assets into their economics, making them more prevalent in the crypto sector. The IMF is practicing cautiousness and has shown its resistance to the expansion of the crypto space.
What might have influenced Tanzania’s decision is both the prosperity of African nations that have already adopted crypto culture and the concern the IMF expressed on El Salvador’s economic stability once it had adopted bitcoin as a legal tender.