Minister Dr.Nchemba welcomes discussions on CBDGs and CRYPTO assets

BY DIRAMAKINI

MINISTER of Finance and Planning, Dr.Mwigulu Nchemba has challenged an international conference on Central Bank Digital Currency (CBDC) and crypto assets to come up with clear guidance on whether countries should regulate and supervise crypto assets or discourage their use.

"I would wish this conference to discuss and provide a clear guidance whether countries should put in place regulatory framework for monitoring and supervision of the transactions or discourage the use of these assets,"said Dr.Nchemba.

Minister Nchemba acknowledged the prominence that crypto assets are rapidly gaining in many countries despite the fact that much is still to be learned about the technology behind them, how they work and their implications to financial sector and economies in general.

"In my reading oc crypto assets. I have not com,e to a conclusion on which perspective is desirable at this stage of their development. Therefore, I am looking forward to getting views of the imminent speakers on this topic to help us expedite out national strategies and actions,"the Minister said.

He was opening a two-day Regional Virtual Conference on Central Bank Digital Currency, and Crypto Assets hosted jointly by Bank of Tanzania and International Monetary Fund (IMF) as part of Commemoration of 20th Anniversary of AFRITAC East (AFE).

The conference has brought together participants-governors and relevant officials from countries that benefit from technical assistance from AFE and beyond for them to exchange knowledge and experiences on CBDCs and crypto assets.

Dr.Nchemba emphasized that the quest for a thorough discussion on crypto assets was grounded on the fact that, although studies estimate the African continent to have less than five percent of the global value of crypto assets, their rapid growth portends to significant transformation in digital space.

"Notwithstanding their potential risks, by circumventing traditioanl banking servises, crypto assets are considered assets to help leveling economic playing field and expand finance options to undeserved customs,"he said.

He commended organizers the conference for picking CBDCs and crypto assets as matters for discussion. He said, Tanzania has recorded significant progress in digital financial services, as a key enable of conducting electronic transactions and that the developments have opened a pathway to range if digital financial services, including digital payments,saving, credit, insurance, social security, microfinance and investment.