Sun. Jun 23rd, 2024

Tanzania Finance Officials Call For Clear Global Concensus on CBDC

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Tanzania’s finance officials have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets before final decisions are made by its government and world bodies.

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Interoperability of CBDCs

Earlier before now, Tanzanian President Samia Suluhu Hassan asked the country’s finance chiefs to prepare for cryptocurrencies. The financial sector officials are now calling for a clearer global stance on central bank digital currencies (CBDC) and crypto-assets.

Finance and Planning Minister Mwigulu Nchemba told a regional conference hosted by the Bank of Tanzania and International Monetary Fund that both topics needed more “thorough discussions” before the country could make moves, as echoed by Bank of Tanzania governor Prof Florens Luoga.

The regional conference according to the Eastern African report, was specifically convened for Anglophone countries in Sub-Sahara Africa.

The event reportedly is targeted at giving finance officials from countries in Anglophone region more insights on issues that relate to financial inclusion, cybersecurity as well as the interoperability of CBDCs and cryptocurrency dealings. 

According to the report, a similar event targeting Francophone countries is likely to be held later in the year.

Tighter Regulations

Moreover, Dr Nchemba per the report revealed the extent of the progress that has been made by the BOT. He said:

[According to Dr Nchemba, the Bank of Tanzania is “finalising preparations of a business case for establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress” in formalising digital financial services.

Prof Luoga reiterates that “crypto-assets have increasingly become common” and because of their ramifications, “there is a quest for interventions through tighter regulations.”

Then the Deputy Managing Director of the IMF, Bo Li insists that while countries are expected to have different reasons for embracing CBDCs, the global lender will neither encourage nor discourage the issuing of CBDCs. 

However, Li said his institution will provide assistance on design features that support public policy objectives alongside efficient, resilient and competitive payment systems.

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By Tony Chimdiuto

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