Despite governments around the world pushing for stricter cryptocurrency regulations, most have chosen not to take the China route of banning them altogether. We can see this trend in countries like India, the UK, and many East and West Asian countries. Continuing this trend, Tanzania has decided not to impose a ban on crypto after debates and deliberations. While Tanzania chose not to ban digital assets, the governor of the Central Bank of Tanzania did not fail to warn investors of its dangers.
Florens Luoga, the governor of the Bank of Tanzania, said that the central bank is now considering issuing a digital currency. CBDCs have become popular in many countries, and some pose it against cryptocurrencies as binaries. While both are very different, they still qualify as digital assets.
The governor of the Bank of Tanzania also said that they are open to introducing cryptocurrency regulations in the country. As of now, investors are left to use their personal judgment. While it leaves a huge opportunity for cybercriminals, it is also the best way to deal with cryptocurrencies when regulating isn’t possible. As a result of having no regulations, investors will need to be more aware of the ins and outs of cryptocurrencies. General awareness of crypto will increase, leading to decreased chances of people being duped. Tanzania might emerge as a model for other countries where the infrastructure to impose regulations is still not in place.
