{"id":12860,"date":"2021-10-05T12:54:04","date_gmt":"2021-10-05T12:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/tanzania-central-bank-heeding-call-to-prepare-for-crypto-economists-express-reservations\/"},"modified":"2021-10-05T12:54:04","modified_gmt":"2021-10-05T12:54:04","slug":"tanzania-central-bank-heeding-call-to-prepare-for-crypto-economists-express-reservations","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/tanzania-central-bank-heeding-call-to-prepare-for-crypto-economists-express-reservations\/","title":{"rendered":"Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations"},"content":{"rendered":"

While the Bank of Tanzania (BOT) executives continue to reiterate the central bank\u2019s willingness to heed the government\u2019s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies.<\/strong><\/p>\n

Economists: Tanzania an Unsuitable Candidate<\/h2>\n

In their views, published<\/a> by the Citizen following the BOT\u2019s latest update, Tanzania\u2019s cryptocurrency opponents argue that a lack of resources makes it \u201cdifficult to participate in worldwide trade.\u201d<\/p>\n

For instance, the Citizen report quotes Haji Semboja, a professor at the State University of Zanzibar, who suggests that Tanzania\u2019s economic profile makes it difficult for the country to adopt crypto. Semboja explained:<\/p>\n

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.<\/p>\n

To support his assertions, Semboja points to the fact that countries that expressed an interest in virtual currencies have only gone as far as \u201cputting in place policy, regulatory and institutional framework to cater for these.\u201d<\/p>\n<\/p>\n

Crypto Adoption in Tanzania<\/h2>\n

Another economist and business expert, Donath Olomi, is quoted expressing his concerns over the growing adoption of cryptocurrencies in the country because such a trend may indicate Tanzanians want to \u201ckeep their wealth out of sight of the government.\u201d He argues that when a \u201csubstantial part of wealth is not in control of the government, a country cannot use it to affect monetary policy.\u201d<\/p>\n

Meanwhile, an anonymous economist \u2014 who claims to see similarities between cryptocurrency investing and betting \u2014 suggested that \u201cit was too early to think about cryptocurrency.\u201d However, unlike his fellow economists, the unnamed expert said cryptocurrencies will only become efficient and effective once they receive the backing of all central banks.<\/p>\n

Do you agree that Tanzania\u2019s economic profile makes it difficult for the country to adopt cryptos? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, Bank of Tanzania, Central Bank, commodity markets, Cryptocurrency, Digital Currencies, Donath Olomi, economic development, Haji Semboja, Monetary Policy, State University of Zanzibar<\/p>\n","protected":false},"excerpt":{"rendered":"

While the Bank of Tanzania (BOT) executives continue to reiterate the central bank\u2019s willingness to heed the government\u2019s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies. Economists: Tanzania an Unsuitable Candidate In their views, published by the Citizen following the BOT\u2019s latest update,…<\/p>\n","protected":false},"author":0,"featured_media":12861,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12860"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12860"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12861"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}