According to reports, top Tanzanian financial sector officials have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto assets.

The calls were made by Finance and Planning Minister Mwigulu Nchemba and Bank of Tanzania (BoT) Governor Prof. Florens Luoga during a virtual conference hosted by the central bank and IMF at the time. that Tanzania continues to consider the direction to take on the subject of cryptocurrencies.

As for his leadership, the Minister of Finance and Planning revealed that the Bank of Tanzania is “finalizing preparations for a business case for the establishment of a CBDC in Tanzania and valuation of crypto assets after registering significant progress” in the formalization of digital financial services.

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SEE ALSO: We cannot ignore a CBDC and we are already looking for it, says Governor of the Bank of Namibia

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The Governor, for his part, stressed the need for effective regulation as cryptocurrencies have become mainstream with various consequences, with the IMF saying its role is to promote the establishment of a “robust, comprehensive regulatory framework and coherent”.

The IMF, which was represented by Deputy Managing Director Bo Li, however, added that it “does not encourage or discourage” countries from issuing CBDCs, but provides technical assistance to those who choose to do so on design features that support public policy objectives while being efficient, resilient and competitive payment systems.

Additionally, the Bretton Woods institution argued that each country’s central banks are expected to determine their own primary objectives before adopting CDBCs “because there is no one-size-fits-all formula for all countries.” The institution also indicated that it is important to ensure a balance between protecting consumer privacy and promoting financial inclusion and integrity.

According to the IMF, many residents in Africa use P2P platforms as their primary on-ramp to cryptocurrency, often because they lack access to centralized exchanges.

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RECOMMENDED READING: [WATCH] 5 Reasons Bitcoin Traders and Trade Volume in Tanzania on LocalBitcoins Doubled in 2021 So Far

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