Central bank of Tanzania follows calls to prepare for crypto, economists express reservations - emerging countries

The development of our economies is a complete function of the development of global international monument and raw material markets. I do not yet accept a instrument that the majority of people will never benefit from. This is not only due to limited knowledge, but also due to the state of economic development.

In order to support his claims, Semboja points out that countries that have expressed interest in virtual currencies have only gone so far to "create political, regulatory and institutional framework to do justice".

crypto adoption in Tanzania

Another economist and economic expert, Donath Olomi, is quoted, who expresses his concern about the increasing introduction of cryptocurrencies in the country, since such a trend could indicate that Tanzanians "want to keep their wealth in front of the government". He argues that if a "essential part of wealth is not under the control of the government, a country cannot use it to influence monetary policy".

In the meantime, an anonymous economist - who claims to see similarities between cryptocurrency investments and bets - suggested that "it was too early to think about cryptocurrencies". In contrast to his business colleagues, however, the unduly expert said that cryptocurrencies only become efficient and effective when they receive the support of all central banks.

Do you agree that it makes Tanzania's economic profile difficult for the country to introduce cryptos? Tell us your opinion in the comments below.

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