Despite an increase in the Bank of Tanzania (BOT) push for the development of the country’s cryptocurrency, some Tanzanian economists have reiterated that the country’s central bank lacks the required resources to embark on a digital currency project.
According to a report published by the Citizen, the country’s economists argue that a lack of resources would prove it difficult for Tanzania to take part in the global trade.
Haji Semboja, a professor at the State University of Zanzibar had suggested that the country’s present economic situation isn’t favourable for the adoption of cryptocurrency.
“The development of our economies is a complete function of the development of global international monetary and commodity markets. I am not yet to accept an instrument that will never benefit the majority of people. It is not simply because of limited knowledge, but also the level of economic development.”
Explaining further, Semboja stated that nations that have indicated interests in the adoption of digital currencies have put in place a regulatory framework.
Also speaking on this development, another Tanzanian economist, Donath Olomi, expressed his thoughts on the growing interest in Tanzanians crypto adoption, stating that it may be an indication of the citizens wanting to keep their wealth out of the government plain’s sight.
In one of his arguments he stated, “when a substantial part of wealth is not in control of the government, a country cannot use it to affect monetary policy.”
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